Jul. 22, 2023
Hello, I am in support of reporting/ disclosing any and all securities with full transparency including swaps. A derivative by definition, derives its value from another asset. It is up to the regulatory bodies to keep an eye on these and to manage that risk. Why are you letting derivative positions balloon? If you do some very very basic math and look at https://www.usbanklocations.com/bank-rank/derivatives.html?d=2022-06-30 relative to https://www.usbanklocations.com/bank-rank/total-assets.html?d=2000-12-31 (compare different lines/ banks throughout time) you will see that banks leverage ratios and derivative positions are already a problem, and since derivatives by definition derive their value from another asset, they inherently have no real value and are strictly pure inflation/ crush the value of true money. This is absolutely basic economics. If we stop reporting these positions, its a black hole, the creation of an inflationary abyss. Now, lets add the fact that there are many Total Return, Volatility, and equity swaps that have literally been used in the short attack war against American companies (such as Overstock, Tesla, Gamestop, BBBY, and AMC to name a few) that is creating discrepancies in true price discovery, I think its time to stop being obvious. There is no reason to hide something unless you are... hiding something. The truth always prevails. The longer you allow a bubble to grow, the bigger the pop. For those that signed this bill to effectively stop reporting financial data- to anyone with intelligence, it appears you have sold out to the finance industry. Its very obvious. Please stop it now. America is about free and fair markets. End of story. I am an ex wall street worker with front office derivatives sales and trading experience as well as vol/ option model creation experience. In short I used to create black-scholes derivation models for teams of phd quants at banks. Its obvious you all need a lesson in Free and Fair markets. Transparency is foremost. Information is everything and to create a bill to make the markets more opaque is just plain Not how our markets work. I left wall street because I watched dumb decision after dumb decision. Lets start to clean up the act already... Sincerely, Ex wall street derivatives dude