Comment Text:
I highly advocate for more transparency involving all listed entity types from the CFTC. With recent news reports stating that many 10s of trillions of dollars worth of derivatives are unaccounted for is not only alarming, it should be embarrassing to you as the regulatory body for the derivatives market. Yes, please impose more bookkeeping and transparency in these markets. I doubt it’ll cost more than $80 trillion to do so.
Preserving financial records is key to the audit process. If you think that auditing records is a burden to the system and a waste of time, then it's clear to the public there are items of importance that you don't want people to know. As an American, I'm ashamed of our regulatory bodies that can be bribed and purchased for the financial elite's gain. Do what is right and ensure financial accounting records are maintained for swaps since they are a true black swan event. If this isn't done, the global financial armageddon will be at our doorstep before you know it
