Aug. 13, 2023
Dear Commissioners, I, a household investor, write to express strong support for proposed rule S7-32-10, aimed at combating fraud in reporting for large security-based swaps. Transparency and reporting are vital for fair, efficient, and trustworthy markets. The financial system, complex with qualified employees and computer systems, includes official and unofficial exchanges, like cryptocurrencies and digital asset swaps. Given the Reporting Threshold Amount, I propose a minimum reporting requirement of $0 USD or legal fiat currency for any asset swap. All positions, positive/negative, traditional/digital, should be reported per owner. I urge daily reporting of all positions, a long-overdue mandate, submitted automatically without exceptions based on subsidiary entity or residency, within the US. Avoid aggregating data; clear language is crucial for timely access to security swap reporting, enabling effective financial choices. Recent incidents like Archegos highlight the need for accurate reporting to prevent future mishaps, ensuring market stability and investor security. Less reporting doesn't favor market participants, especially household investors who deserve equal reporting access for owned securities. Transparency is vital for trust. Reduced reporting risks unequal advantages, instability, and eroded trust. Regarding costs, financial participants profit significantly. Compliance costs are part of business, and higher fines for non-compliance foster accountability. I urge the commission to stand against non-reporting, supporting other countries' regulators for fair markets. Unthresholded reporting and daily submissions create equity and trust. Thank you for considering my concerns. I trust the SEC will prioritize transparency, fairness, and market stability. Your efforts protect household investors and maintain financial integrity. Sincerely, Anonymous