Nov. 01, 2022
November 1, 2022 To whom it may concern, I cannot stress enough the importance of strict regulation of security-based swaps (SBS). It is imperative that regulators 1) make swap data public for transparency reasons, 2) prevent institutions from using swaps excessively, as shown by the recent example of Archegos, which demonstrates the seriousness of the manipulative nature of those who use them and the dangerous effects they can have on a market when swaps are not sufficiently regulated. Attached is a document from the Archegos court case. I think it is relevant to note that in January 2021, on the same date that Gamestop stock price reached unprecedented levels, the short notional value of swaps also reached unusually high levels. Oddly enough, the swaps data for January 28, 2021, a significant date for the event that occurred with Gamestop, is missing.