Comment Text:
I would like to stress that any rule change that obscures trading information from retail customers should be revoked or declined for any sort of review. More transparency means less rule breaking and more ways to ensure that users of the market can ensure that they are trading in a fair market.
Swaps reporting should be a requirement in full detail. If there are errors or delays in the information, a fine should be issued. This fine should be equivalent to the swap value + a % per day. Too often these fines are so small, it is considered the cost of doing business. If the party cannot pay the fine, all trading and services by that party should be suspended until the fine is paid.
I also believe Self Regulation and reporting is a joke. We have the ability to track every transaction, every trade, every option, every transfer with extreme detail. The fact that we have to rely on companies to report their own transactions and statuses via an excel spreadsheet is a joke. It is ripe for poor or no reporting. And there should be no exceptions. If you are a participant in the market in whatever form, you abide by the rules and allow for centralized reporting. If not, they need to have their licenses, permits, etc removed.
Thank you for your time.
