July 25, 2023
Re: File No. S7-32-10 - Proposed Rule for Increased Transparency in Swaps and Securities Reporting
Dear Sir/Madam,
I am writing to express my strong belief in the fundamental importance of a free and fair market and to convey my wholehearted support for the proposed rule under File No. S7-32-10. The need for transparency in financial markets cannot be overstated, and I firmly believe that making large positions in swaps and other securities publicly available in a timely manner is a crucial step towards achieving this goal.
In today's rapidly evolving financial landscape, access to accurate and timely information is essential for fostering a level playing field among all market participants. Transparency is the cornerstone of a well-functioning and efficient market, as it allows investors and stakeholders to make informed decisions, manage risk effectively, and participate with confidence. By making large positions in swaps and other securities public, the proposed rule will significantly enhance the flow of information and contribute to the integrity of the financial system.
Transparency acts as a safeguard against market manipulation, insider trading, and unfair advantages, promoting market stability and investor trust. It empowers regulators to better monitor market activities, identify potential risks, and take proactive measures to prevent systemic disruptions. Additionally, transparency encourages accountability among market participants, ensuring that they remain responsible for their actions and operate with the best interests of investors and the market at heart.
Furthermore, the proposed rule aligns with the broader global trend towards increased transparency and regulatory oversight in financial markets. Other jurisdictions have already implemented similar measures, and international cooperation in enhancing transparency can lead to a more robust and resilient global financial system.
The SEC should do everything in its power to close loopholes used by large market participants such as using shell companies, foreign companies, etc.
In conclusion, I wholeheartedly support the SEC's efforts to enhance transparency in swaps and securities reporting through File No. S7-32-10. As a concerned citizen and a supporter of free and fair markets, I firmly believe that the implementation of this rule will contribute to a more transparent, trustworthy, and resilient financial ecosystem.
Thank you for considering my perspective on this matter. I trust that the SEC will carefully assess the feedback from various stakeholders and continue to act in the best interests of investors and the public at large. Should you require any further information or clarification, please do not hesitate to contact me.
Sincerely,
Michael Shipe