Comment Text:
Got bored, impru...
Dear Chairmen,
If you would talk to your counter part at the SEC, you would know that there is a large amount of rules being submitted and a large public interest with making these markets transparant so they are fair to every single person on the planet.
I don't understand all these rule references to other rules and only some one who has been active in the legal sense of the stock market would be able to dismantle all the arguments made for enabling more criminal intent and masking it from regulators.
You talk about SRO's and learning from the past, if we actually look at what SRO's have been doing to combat criminal behavior by their members on a global scale, we can simply conclude using common sense that SRO's are a big part of the reason why the entire global household investors are turning to the SEC in droves for rules to make the market more transparant and STOP enabling criminal behavior endorced by SRO's like FINRA fining mass scale fraud with a simple tap on the wrist that is not even a fraction of what these "Too Big to Fail" companies have been stealing from the world's population for their own enrichement.
Please have a look at all the fines FINRA has gives these market participants for the past 25 years, then using common sense look at the amount fined to these criminally repetitive behior per violation and the amount they fraudently aquired with these criminal actions and explain to the entire global population why these SRO's should continue to exists while allowing their criminal cartel(s) organization members to keep operating as they are.
SEC rule S7-32-10 has these same members fighting with tears against mandatory publication through EDGAR with filing swap positions.
Forcing the exempted market participants that have nearly zero regulatory oversight to join FINRA membership now has FINRA crying in the SEC comments with empty claims about non-member oversight while these exempted members would be joining FINRA forcefully to fall under more extended regulations.
Why would FINRA themself be against expanding their membership by objecting SEC regulatory changes if FINRA was NOT aware of the extensive criminally behavior of these future members coming under their juristriction and make FINRA themselfs liable for all their failures.
FINRA remains a private criminal cartel and not a goverment oversight organizations, just like FINRA any and all of these SRO's are a threath to humanity and should be dismantled and held accountable for all FAILURES that haven't expired in the criminal justice system.
This idea to allow vertical integration with knowing the past, going from the bank collusion crash in 1929 to today, is that these banks, institutions, SRO's or for that matter any self proclaimed non-goverment "agency" is a incredable risk to the entire financial world on a global scale due to the amount flowing through the United States.
Allowing the same market participants fullfil multiple roles in a vertically integrated system would be a death sentence for the United States financial market with the amount of crime that has been exposed throughout history and being enabled by paid off regulators in charge of enacting rules against fraud on a global scale and corrupt piliticians that are, obsolutely insane, are inside trading in broad public view through stock purches, derivites trading or simply through family offices that don't have to report anything at all.
These market participants that are pushing for vertical integration to hide more criminal actions and increase the scale of fraudulent market manipulation should be under heavy investigation as even you ring the bell on the FTX event that almost slipped through ALL regulatory oversight and is STILL happening on a global scale with intent to defraud all citizens of this planet, including entire goverments through criminal behavior in the stock, derivites, bond, future and FOREX trading.
These market participants have already become too big to allow them to be able to try and reform the entire market through regulatory propositions in their favour without anyone being able to fight them as they literally control the world, and that is not an understatement and YOU know that.
The CFTC should be looking and working with the SEC Chair on making markets more transparant, and unlike this rule for vertical integration, should be creating rules to break up these monopolized size criminal cartel institutions so that even more of their subsidiaries are regulated with less masking and hiding of criminal and fraudulent actions in the stock market.
If anything, the CFTC should be creating more rules to overlap with SEC rules regarding transparancy in ALL swap markets, stocks, options, futures and especially FOREX in the case of the CFTC.
Rules against SRO's themself should be created and enforced regarding their enabling of crime and fraud by mandatory rule changes regarding penalties proportially to the crimes commited and not slap on the wrist.
The CFTC should also hold SRO's themself criminally liable when they allow fraud and/or criminal behavior by repeated offenders as any one in the world sees by FINRA's track of dealing penalties that are fractionals of the fraudulently gained profit at the expense of the global population.
The CFTC along with the SEC would have a substential weight and power to also enforce all financial market rules on politicians, other regulators and even DOJ personal who refuse to enforce the laws set by goverment if they do not comply themselves.
Please talk to your counter-party at the SEC and look at all the proposed rules AND institutional cries in the comments AGAINST market transparancy.
Regards,
Household investor and US Veteran.
