Oct. 30, 2022
October 30, 2022 This rule represents a necessary change and evolution in our market. The data in question needs to be timely and publicly reported and this rule needs to be upheld to maintain some level of integrity and to protect our financial system. It is far too easy for firms to hide irresponsibly large swap positions on insane amounts of leverage. This is one of the many tools that have turned our markets into a gambling den putting normal people's retirements at risk. The fall of Archegos earlier this year should be all the evidence we need to push forward rules and legislation to prevent these dangerous positions from ever forming in the first place. There is also evidence that swaps allow for the creation of unregulated synthetic shares, illegal naked shorting in disguise. I stand with tens of millions of other retail investors in support of this rule as well as further tightening other reporting requirements.