Comment Text:
Dear Chairmen,
If you would please talk to your counter part(s) 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 transparent so they are fair to all active traders regardless of station or country.
All of these rule references to other rules is continually creating a false sense of security at the CFTC, thereby enabling criminal enterprises to continue. Someone with a legal sense of the stock market would be able to dismantle all the arguments made for enabling more criminal intent and masking it from publicly elected officials like congress and regulators like the SEC.
This proposal talks 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 government bodies with fiduciary duties like the SEC in droves for rules to make the market more transparent and STOP enabling criminal behavior enforced by SRO's like FINRA. The fines for mass scale fraud are a simple tap on the wrist that is not even a fraction of what these "Too Big to Fail" companies have been stealing from pensions, 401ks, cash accounts, and by and large the world's population for their own enrichment.
Please have a look at all the fines FINRA has gives these market participants for the past 84 years, then using common sense look at the amount fined to these criminally repetitive behavior per violation and the amount they fraudulently acquired 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 liquidity and non-member oversight while these exempted members would be joining FINRA forcefully to fall under more extended regulations. Even the last time the CFTC met with Sam Banker-field, members of the CFTC and speakers were willing to give the keys away to global financial espionage for the sake of liquidity.
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 jurisdiction and make FINRA themselves liable for all their failures.
FINRA remains a private criminal cartel with a trading sheet to enrich themselves and not a government oversight organizations, just like FINRA any and all of these SRO's are a threat 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-government "agency" is a incredible risk to the entire financial world on a global scale due to the amount flowing through the United States markets.
Allowing the same market participants fulfill 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 politicians that are absolutely insane, are inside trading in broad public view through stock purchases, derivatives 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 governments through criminal behavior in the stock, derivatives, bond, futures 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 favor without anyone being able to fight them as they literally control the world, and that is not an understatement and the CFTC knows 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 dismantled for acting in bad faith with American traders and taxpayers. The failure to enact better rules to overlap with SEC rules regarding transparency in ALL swap markets, stocks, options, futures and especially FOREX in the case of the CFTC.
Rules against SRO's themselves should be created and enforced regarding their enabling of crime and fraud by mandatory rule changes regarding an innumerable multiplier penalty proportional to the crimes committed 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 just a fraction of the fraudulently gained profit at the expense of the global population. Ideally, you would consider anyone a part of a publicly traded company or does business with a publicly traded company as defendants in these cases- hence the global population.
The CFTC along with the SEC would have a substantial 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 government 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 transparency.
Regards,
USA Household investor
