Jul. 20, 2023
Dear SEC, I am writing to strongly support the proposed rule to reopen the comment period for position reporting of large security-based swap positions. I believe that this rule is essential to ensuring the transparency and integrity of the security-based swap market. The recent letter sent in opposition by several members of Congress is very concerning. By opposing this vital reform, they are not aligned with the interests of household investors. Their stance raises questions about their commitment to safeguarding the integrity and stability of our financial system. Security-based swaps are a complex and opaque financial product that can have a significant impact on the price of securities. The lack of transparency in the security-based swap market makes it difficult for investors to assess the risks of their investments and for regulators to monitor the market for potential abuses. The proposed rule would require large security-based swap dealers to report their positions to the SEC on a daily basis. This would provide much-needed transparency into the market and allow household investors and regulators to better understand the risks and potential for manipulation. By opposing these changes, members of Congress are inadvertently allowing the continuation of practices that jeopardize the financial well-being of everyday investors. I support your position on security based swaps, and security loans, and stand firmly in support of transparent markets and the interests of household investors. The proposed reforms aim to reduce the potential for market manipulation and ensure greater accountability for financial institutions. I would like to summarize the following points in support of the proposed rule: • The rule would help to prevent market manipulation by making it more difficult for large dealers to conceal their positions. • The rule would help to protect household investors by giving them more information about the risks of their investments. • The rule would help to promote market efficiency by ensuring that prices reflect the true supply and demand for security-based swaps. I believe that the benefits of this proposed rule far outweigh any potential costs. I urge the SEC to adopt the rule as soon as possible. Thank you for your time and consideration. Sincerely, JPS