February 7, 2022
I'm in favor of such changes. At this point, anything to help restore retail investors' confidence in US capital markets is of critical importance. Sadly, I suspect we've reached a point where the complexity of instruments like these swaps has created a barrier of understanding that will take time to dismantle. It seems there's also an inherent conflict of interest with a CCO relative to proprietary transactions. Add to it the massive scale of these swaps, and the inability of enforcement to engage with powerful firms- it creates an environment ripe for fraud. Markets need to be simplified. Not just for retail, but so that parties like the SEC aren't seeing confrontations on the scale of David v Goliath that are also extremely difficult to explain to the public. We want to help you make US capital markets better. We're facing a unique situation where our markets are becoming the significant driver of USD demand. Transparency and justice will be paramount to their success.