Subject: S7-32-10: Webform Comments from Anonymous
From: Anonymous
Affiliation: Household Investor

Aug. 20, 2023

As I have mentioned repeatedly in prior comments on other
proposals, the "price"; to be paid for the benefits of
running and participating in a public-accessible securities market
MUST be public access to to all relevant securities information. Any
participant's stake in a publicly-traded security, whether long
or short, direct or derivative, MUST be public. As you well know,
these are not expert or private markets - millions of citizens'
retirement accounts have been systemically invested into these
securities with the support of law, and these public markets must be
operated with the level of excellence that reflects this level of
public trust. 

Opaque schemes of swaps and entitlements warp the supply and demand
that underlie public markets for securities. Anything less than full
disclosure of all positions in publicly traded securities should be
treated no less seriously than other categories of insider trading. 

Accordingly, I urge the commission to move forward with this proposal
in its entirety, as well as to continue with further rules to the
effect of full public transparency of ALL public security based swaps,
entitlements, and other instruments. 

Certain members among the commission may object that the level of
effort, cost or work to enable such reporting is excessive or
encumbers market participants. If participants find themselves unable
to report on their complex derivatives, contracts or schemes, they
should not be engaged in these derivatives, contracts or schemes in
the first place. While I appreciate that the commission is willing to
listen to and entertain arguments from all participants, we should
remember that swaps came into being as essentially a tax avoidance
scheme. The *least* that swap participants could do is provide
transparency.