June 25, 2023
RE: S7-32-10 Position Reporting of Large Security-Based Swap Positions
I am writing you to show my support for this proposal. Swaps are typically used by hedge funds, prime brokers, and market makers to make money while lessening their risk. However, they are typically abused by hiding their bad investments and trades, as evidenced by the high level of derivatives, which now total in the trillions. In addition, they are also used to manipulate the markets, as evidenced by the recent JP Morgan scandal. While this proposal will be a step in the right direction, the SEC needs to follow up when there is wrongdoing. The fines doled out by the SEC amount to \"slaps on wrists\", and no real punishment is given. This needs to change, or the leadership needs to change.