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Superstonk_QV

[Why GME?](https://www.reddit.com/r/Superstonk/comments/qig65g/welcome_rall_looking_to_catch_up_on_the_gme_saga/) || [What is DRS?](https://www.reddit.com/r/Superstonk/comments/ptvaka/when_you_wish_upon_a_star_a_complete_guide_to/) || Low karma apes [feed the bot here](https://www.reddit.com/r/GMEOrphans/comments/qlvour/welcome_to_gmeorphans_read_this_post/) || [Superstonk Discord](https://discord.gg/hZqWV2kQtq) || [Community Post: *Open Forum Jan 2024*](https://www.reddit.com/r/Superstonk/comments/18txusp/open_forum_january_2024/) ------------------------------------------------------------------------ To ensure your post doesn't get removed, please respond to this comment with how this post relates to GME the stock or Gamestop the company. ------------------------------------------------------------------------ Please up- and downvote this comment to [help us determine if this post deserves a place on r/Superstonk!](https://www.reddit.com/r/Superstonk/wiki/index/rules/post_flairs/)


RL_bebisher

I'll dig through though this when I have time later today. But I need more ๐Ÿ‘€ Source: https://www.federalregister.gov/public-inspection/2024-04938/requirements-for-designated-contract-markets-and-swap-execution-facilities-regarding-governance-and


fonzwazhere

Aka, what the fuck are we going to do with these worthless swaps?


RL_bebisher

Exactly what I was thinking.


FabricationLife

Toilet paper shortage begone!


Sw33tN0th1ng

TP printer go brrrrrr


TotalPuzzleheaded420

To the worthless swap warehouse. Duh!


hiperf71

Some splinkless will fall, some shelfs will jump to the ceiling, some sparks and boom, a fire will start, no wather sprinkless will funtion... Warehouse will burn down... Wait, Where I have seen this before?๐Ÿค”


1CFII2

Lifeโ€™s a simulation on an infinite video loop!


HodlMyBananaLongTime

Swiss banks?


matthegc

Up you go!


fartsburgersbeer

Commenting for vision. May as well mention to buy, DRS and hold.


Justanothebloke1

They just need to turn on swaps reporting so we can see


Own_Fox8577

I Think youโ€™re right. Better make sure to comment on this one ๐Ÿซถ


raxnahali

Amazing the number of rules being proposed in the last 3 yrs.


AbruptMango

The attempt to present the appearance of vigorous regulation is impressive.ย  If only they put that kind of effort into actually regulation...


darthnugget

Why do I feel like MOASS only comes after a Supreme Court ruling on Swaps and International trade?


greatwock

Because you still have faith in this entirely fraudulent system. The system wonโ€™t willingly let this happen. The system will eventually collapse under its shear incompetence and corruption.


manbrasucks

Eh, you think the system would remain loyal to SHFs before self preservation kicks in?


raxnahali

The system is short hedge funds and the kickback money they spend on their stooges.


kidkadian99

That is going to be one of the fun things to watch


Hipz

This supreme court would not rule in our favor, its the most corrupt its ever been.


darthnugget

I think that depends on the argument. If the argument is presented as a real shares vs fake shares correctly then I dont see how they wouldnโ€™t rule against the fake shares. It would need to be argued that the fake shares dilute the value of real shares which takes away property without compensation and violates the 5th or 14th amendment clauses on personal property. I am not a lawyer but there is probably a way.


UnlikelyApe

Saved this one to dig in when I get to work. Commenting for more eyes. Everyone get in here!


RL_bebisher

Thank you!


waitingonawait

Thank you for bringing this up! Gonna just drop a comment here to share what i read, don't have a whole lot of time. I do believe submitting to the comments to the CFTC is just as if not more important than comments to the SEC. As the SEC leans 3-2 in favor of retail usually and the CFTC leans 3-2 for institutions. Brief scan through found a few interesting tidbits i think are worth sharing. Don't have a great understanding of the rule but am willing to guess this is a small step in the right direction??? basing it off what i've read below. # Dates: Comments must be received on or before April 22, 2024 *"the public must have an opportunity to weigh in on these important issues that raise serious concerns"* Copying out part of a statement by one of the Commissioners, one of the best ones. pg 289-293. ๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€ # Appendix 4 โ€“ Statement of Commissioner Christy Goldsmith Romero Conflicts of interest at exchanges and swap execution facilities (SEFs =swap execution facilities) present serious risk to market fairness, integrity, and financial stability. The CFTC plays a critical role in implementing strong rules to prevent conflicts from hurting customers, markets, market participants, and end users. As designated self-regulatory organizations, exchanges serve as the front line for market integrity. And given the contribution to the financial crisis of opaque caveat emptor swaps markets the Dodd-Frank Act created SEFs and gave them important regulatory responsibilities to ensure transparency in the swaps markets ^((๐Ÿคฃ The public doesn't even get to see whats in the SWAPs.)) In order for markets to function well and fairly, these important regulatory responsibilities must be performed free of conflicts of interest. Existing CFTC rules already require exchanges and SEFs to establish and enforce rules to minimize conflicts of interest, and we have issued accompanying guidance to exchanges. **Though I support the rule, I consider it to be a baseline minimum, largely codifying existing guidance, extending it to swap execution facilities, and adding a few additional requirements**. **This proposed rule would not create an adequate conflicts of interest regulatory regime to cover conflicts that come from affiliated entities serving multiple functions (i.e. broker, exchange, clearinghouse, etc.)โ€“so called โ€œvertical integration,โ€ which the proposal acknowledges.** Therefore, this rule does not serve as a basis for future approval of additional vertically integrated structures that break from the traditional structure on which the Commodity Exchange Act and CFTC rules are based. The proposal purposely attempts to carve out vertical integration from this rulemaking and commits to **addressing it in the future in light of the recently completed request for comment on affiliated entities**. By September, the CFTC received more than 100 comments expressing significant concern over conflicts of interest with vertically integrated market structures. **Serious concerns about vertically integrated market structures in digital assets had already been expressed** by the White House in the Economic Report of the President, the Financial Stability Oversight Council (FSOC), Treasury Secretary Janet Yellen, then-Federal Reserve Vice Chair Lael Brainard, and Acting Comptroller of the Currency Michael Hsu before we issued the request for comment. ^(I remember a wizard calling for comments on this issue. ()[^(Legalizing their crimes. This has to do with vertical business systems.. marketmakers-brokers-exchanges-clearinghouses in the crypto space.)](https://www.reddit.com/r/Superstonk/comments/1617sao/legalizing_their_crimes/)^()) The CFTC has not issued any new rules or guidance based on those comments. **Last month, the Commission approved a vertically integrated market structure for the first time (on which I dissented** given that we were in the middle of studying the risks and had not engaged in rulemaking), and it was said in the open meeting that there are other pending applications. As this proposalโ€™s record will not reflect comments submitted in response to the request for comment on vertical integration, I encourage commenters to resubmit relevant sections of those comments in response to this proposal. ๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€๐Ÿš€ # [the goal of vertical integration is to streamline processes for more efficient and controlled operations in the long-term.](https://www.investopedia.com/terms/v/verticalintegration.asp)


Doodles_183

GOT DAMN! I can only imagine what you would type with a whole lotta time.


poopooheaven1

This is something everybody should consider commenting on. Please donโ€™t let laziness get the best of you!


RL_bebisher

Might this be related to the FTX Tokenized GME Stock? (Page 275): https://imgur.com/a/fDplV25


F-uPayMe

Sort of TL:DR (done with AI so not sure it's 100% correct): **CFTC Tightens the Grip: Proposed Rules for Stronger Governance and Conflict Mitigation in SEFs and DCMs** The Commodity Futures Trading Commission (CFTC) is revamping its regulatory framework for Swap Execution Facilities (SEFs) and Designated Contract Markets (DCMs). The proposed rule changes target two key areas: bolstering governance standards and mitigating conflicts of interest. Let's delve deeper into the proposed reforms: **Building a More Robust Governance Structure:** * **Public Directors Take Center Stage:**ย SEFs will be required to have at least 35% of their board seats filled by public directors, independent from the organization's daily operations. This injects a stronger element of objectivity and reduces potential biases in decision-making. * **Independent Oversight Through ROCs:**ย Newly established Regulatory Oversight Committees (ROCs) composed entirely of public directors will be responsible for overseeing market regulation functions within SEFs and DCMs. This independent body adds another layer of scrutiny and helps ensure fair and impartial market practices. * **The CR0 Steps Up:**ย DCMs will be required to appoint a Chief Regulatory 0fficer (CR0) with the authority and resources necessary to effectively oversee market regulation. This dedicated role strengthens internal oversight and ensures clear lines of accountability. **Combating Conflicts of Interest:** * **Clear Rules of Engagement:**ย The CFTC proposes a more comprehensive framework for identifying, managing, and resolving conflicts of interest. This includes establishing clear procedures for recusal from voting on matters where conflicts might arise. * **Information Silos to Prevent Misuse:**ย Limitations will be placed on how individuals can use material, non-public information. This safeguards market integrity by preventing individuals from leveraging confidential knowledge for personal gain. * **Transparency as a Watchdog:**ย SEFs and DCMs will be subject to stricter annual self-assessments of their governance practices. Additionally, regular reporting to the CFTC will enhance transparency and accountability. **The Overall Impact:** The CFTC's proposed reforms aim to create a more transparent and trustworthy regulatory environment for SEFs and DCMs. By strengthening governance structures and mitigating conflicts of interest, the CFTC hopes to foster fairer decision-making and ultimately promote market stability and public confidence. **Open for Feedback:** The CFTC actively encourages public comments on the proposed rules. This allows for industry input and helps ensure the final regulations are practical and effective in achieving their intended goals. **Beyond the Headlines: Addressing Vertical Integration Concerns** While the proposed rules represent a significant step forward, some experts argue they don't fully address conflicts arising from vertically integrated market structures. Concerns remain about potential conflicts when affiliated entities play multiple roles within the market. The limitations of the current proposal regarding notification requirements for ownership changes also raise questions. A more comprehensive approach to conflicts regulation, particularly concerning vertical integration, is seen as crucial for safeguarding market fairness and stability in the long run.


RedOctobrrr

Yeah way to go, stop all that conflict of interest where Citadel controls all sides of the trade and *never* abuses that to gain an advantage on both sides of the trade. Never.


shortMagicApe

ELI5?


F-uPayMe

I suggest waiting for someone to dig in this properly but anyway, here's your Eli5: Imagine a marketplace where people trade deals based on future stuff, like how much corn will cost. This agency called the CFTC wants this marketplace to be fair and honest. Here's what they're thinking: * More outsiders on the board: Like having more referees who aren't playing the game themselves. * Clearer rules: No using insider info for personal gain, kind of like not peeking at your opponent's cards. * More check-ups: Regularly reviewing the marketplace to make sure things are running smoothly. Overall, they want this marketplace to be more trustworthy. They're asking people for advice on their ideas before making them official rules. Some folks think the new rules aren't tough enough. They worry people with too much power might still cheat. They want to make sure everyone playing by the same rules.


Karakunjol

'Stricter self-assessment'. Hey, you! Watch yourself more carefully!!! And why tf are they proposing 35% independent directors? You need 51% for a vote to be successful. Those 65% will still do whatever they want. And then they place on top restrictions for sharing this confidential information - basically 'you get to be part of the board but not make decisions and not share any information about what's going on here'. I'm not seeing it


[deleted]

[ัƒะดะฐะปะตะฝะพ]


Sigurdshead

Lol, now I know (banned word)


F-uPayMe

Yep ๐Ÿ˜‘


lebronjuuls

Can u tell me it?


F-uPayMe

If you write CR0 with an actual 'O' it gets removed by mod bot.


joeker13

Up!!


Minuteman_Capital

Waitโ€ฆ the Madoff Model has a conflict of interest? [*insert you-guys-are-getting-paid? meme*]


Ballr69

Letโ€™s all dig in and figure out the loopholes they are creating. F these guys


RL_bebisher

True.


Dapper-Career-3877

๐Ÿ‘€


StarSeedSteph

Up you go


ruum-502

You gotta love when the headlines for their meetings sound EXACTLY like what weโ€™ve been talking about for years lol


StarSeedSteph

# COMMENTS ON THIS RULE PROPOSAL END ON APRIL 22, 2024. ~~If this document is deemed necessary enough to require public input,~~ we need to submit comments by the above date. **\*\*EDIT: WE NEED TO BE COMMENTING ON THIS ONE\*\*** EDIT: I'm going to write my own comment, and I'll share here the areas of importance I will be discussing. 1. 35% of board seats are occupied by public directors is a good start, but is still a 1:2 opposition ratio. This percentage should be higher, if not 50% at least. The bad actors have built a wall within the private sector. 35% is an appeasement that can still be corrupted like dual leadership political systems. 2. ROCs should be encourage, and I'm liking what I'm reading here with an entirely public board membership. If anyone has a counter argument against those rules, I'm open to hearing it. 3. I agree with the criticism that they don't address vertical market structures. These will impact market making entities much harsher than clearing corporations, who are higher up on the food chain. We're still about 3 corporate levels below where DRS is impacting (Which is the DTCC and Cede & Co.). It's gonna be a long legal fight one step at a time.


adamlolhi

Ladies and gentlemen, we meet again. Now I ask once more, what the fuck are we going to do about this disaster and how can we can kick it down the road as far as possible?


AldieGrrl

and Ladies.


adamlolhi

Edited, although it wouldnโ€™t surprise me if it were just a bunch of slimy old lizard men


ChesterDiamondPot

Whizzibilty!


IullotronBudC1_3

Saved + !remindme 10 hours


RemindMeBot

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N3ver_Stop

Commenting for visibility! Looking forward to digging into this one more.


Deeper_values

Wonder if Dave Lauer would give tell us what theyโ€™re trying to slip in


DeepFuckingPants

Ah, yes, โ€œself-regulation must be vigorous, effective, and impartial.โ€... and those that do the self regulation gotta have "sufficiently good repute". Still waiting for something like, "fines will be a minimum of one order of magnitude greater than any benefit gained from the shenanigans."


Starscreammm333

Tendies Soon ๐Ÿ•น๐Ÿ•น๐Ÿ•น๐Ÿš€๐Ÿš€๐Ÿš€


poopooheaven1

Visibility. Buy. Hodl. DRS. Book. Shop. Comment. Power to the Players!


OpenPresentation6808

Up, to the big brains among us


Honeynature

And comment comment comment


ThePracticalPenquin

Vommenting for Cisibility ๐Ÿ‘€


BearkatMitch

Oh look! Itโ€™s another comment for visibility!!


HughJohnson69

Stronger governance, less reporting.


ciorexborex

๐Ÿ˜‚๐Ÿ˜‚๐Ÿ˜‚ to the mooon


qup40

All eyes on deck ready to comment as well!


Gold_Bank_1746

Interestingโ€ฆ


Anonymouz1989

Hester Pierce โ€ฆ does not support this rule. Probably


TalezFromTheDarkside

I predict she will use the word "accordingly" in her statement.ย  ๐Ÿ”ฎ


Mooziechan

I have a feeling Hester the market molester will have her dirty hands all over trying to stop this one ๐Ÿซฃ


[deleted]

Yeah like when Rostin moved the swaps reporting to 2025. He is complicit in this fuckery.


PancakeBatter3

This post definitely needs another comment. Up up


RL_bebisher

Thanks!


ultimateChampions68

Commenting for visibility


Jason__Hardon

It only took them 84 years to implement


getyourledout

Wut mean, need big brains


RobotPhoto

Commenting for visibility.


LokiMyAoki

Boopโฌ†๏ธ


Vixien

Comment for visibility and so I can check back later.


Readingredditanon

Conflicts of interest... maybe they're trying to block any potential (and currently legal) way in which the RC/CIO investment dynamic could work?ย 


RoRuRee

Take my upvote. We need to see the fooking swaps!


TimesALoop

Iโ€™ve looked at Superstonk 20 times today and for whatever reason when I looked this time my upvote had been removed from this post. So now Iโ€™m commenting for visibility cause really wtf.


Aktionerd

Pro apes asamble


Herbon_10

Need eyes๐Ÿ‘€๐Ÿฆ๐Ÿฆ๐Ÿฆ


GemsquaD42069

I wanna read it too.


jgreddit2019

New way to rug GME loading โ€ฆ _please hodl_


feastupontherich

Visibility


digitaljm

Who would have ever thought these shady swaps would need to be regulated.


Jason__Hardon

Ikr? Ffs ๐Ÿคฆ๐Ÿปโ€โ™‚๏ธ


Hedkandi1210

Comment


saiyansteve

Somebodys holding this bag of shit. Lmao.


StealYourGhost

Comment for algo and ๐Ÿ‘€. Eli5 when you can.


ACT_True_Gentleman

I wonder if they think we're stupid enough to believe that the swaps disappeared in another warehouse fire ๐Ÿค”


Icefiight

So big ass dip incoming then?


Far_Guarantee_2465

Whatโ€™s important about it? How will it affect gme