Comment Text:
Subject: Comment on 90 FR 19685 – Real-Time Public Reporting & Block Trades
To the Commission:
Retail investors are under siege by derivatives abuse. Real-time swap data must be fully public, and not anonymized or delayed under “block‑trade” exemptions. Every minute of opacity is a weapon for hedge funds and market makers.
Consider Citadel’s internal dark-pool routing and TRS positions. Ken Griffin testified under oath on Feb 18, 2021, claiming no disadvantage to retail, yet his firm’s volume in dark markets and internalized deals tell a different story.
I demand:
– Real-time reporting with no anonymization,
– Elimination of “block trade” carve-outs for equity-linked swaps,
– Streamlined data to calibrate true public supply and demand.
Anything less is regulatory theater.
Sincerely,
Michal (Mike) Trelski, Retail/Activist Investor
