Oct. 9, 2022
October 9, 2022
Dear SEC,
I am writing to voice my support for an increase in transparency and fines for bad actors in the financial markets. Swaps are designed to trade risk/reward and while at their core, they are not inherently bad, they can be exploited far too easily. To bring more accountability to the financial sector we need more transparency, to detect fraud, and higher punishments, to dissuade bad behavior. Currently, we are severely lacking in both. We need to demand data be published as soon as it is generated and significant jail time for bad actors. Fines are not enough on their own as they are too easily absorbed as a cost of doing business. Companies will complain about new reporting requirements but transparency, and by extension accountability, should be the price of admission to operate in our market. Make no mistake, this kind of instant reporting can be done. I should know, I do that for a living (Data Engineer).
I mean, the whole concept of investing is based on risk management. Shouldn't more data help improve risk assessments which benefits risk management?
More transparency only benefits the public/retail and only harms scammers. That is a win-win to me. I cannot stress this enough, transparency, and by extension, accountability should be the price of admission to operate in our market.
The \"free market\" isn't free,
if the public cannot see.
Thank you for reading this.