Date:    02/01/2000  7:55 PM


Subject: File Number SR-NYSE-99-47 
February 1, 2000
     
2545 West 69th Court
Anchorage, Alaska 99503
     
Secretary, Securities and Exchange Commission 
450 Fifth Street, N.W.  
Washington, D.C. 20549-0609 
     
Re: File Number SR-NYSE-99-47   NYSE Rule 432
     
Dear Secretary:
     
NYSE Rule 431 proposes to raise the minimum equity requirement for daytraders 
from $2000 to $25,000.  The purpose as stated in the proposal is to reduce the 
risk to all parties involved in the daytading arena, including the daytraders, 
the brokers, and the exchanges.  I contend that in fact the proposal increases 
the risk involved in daytrading. In addition, respectfully, the proposal may be 
discriminatory to that population of Americans who want to enter the stock 
market from lower socio-economic groups.  If reducing risk and protecting 
Americans is the goal, then I suggest that other steps be taken that will not 
limit participation in the market.
     
    1. The major requirement limiting participation and increasing risk will be
the $25,000 equity requirement.  Those in lower socio-economic groups will not 
have these types of funds to participate.  If this group wants to avail 
themselves of the same opportunity which others more fortunate have done, then 
they will be forced to borrow and extend their credit to a great degree.  They 
will be forced to take out second mortgages on their homes. They will place 
their property and needed funds at risk so they too can enjoy one of the most 
popular and upcoming activity today, daytrading.  They will be forced to take 
chances that others more wealthy do not have to take. To think that those less 
financially well off are not going to try and participate in the market is not 
sensible.  They will try and, they likely lose more than just their equity 
funds.  Their homes, their children's college education, and other important 
funds will be lost because they had to place too much at risk. Sure, it was 
their choice. However, why not allow them to participate by placing less at 
risk.  
     
    2. Allowing daytraders to margin four times their equity amount, as
proposed, does not limit risk.  This part of the proposal is consistent with 
number one in raising the element of risk to all daytraders.  It is particularly
harmful to those who have to borrow larger amounts consistent with the $25,000 
requirement.
     
    3. Those who are currently daytrading have expended large amounts of time
and energy in learning how to daytrade.  That energy and time will be lost if 
they can not longer participate, as daytraders.  They have also come to rely on 
the income which daytrading affords them.  Only allowing those daytraders who 
have saved $25,000 in their accounts is unfair.  It is those daytraders with 
smaller accounts who, in fact, have made a decision to not place as much of 
their money at risk. The daytraders with only $10,000 or less in their accounts 
are of less risk to themselves and others who are part of daytrading, including 
the brokers and the exchanges.
     
    4. The proposal does not speak to education or training which is the most
powerful element in reducing risk. Many daytraders have taken courses and spent 
large periods of time studying as they began daytrading.  I would contend that 
it is these daytraders who are now attaining success with small accounts. 
Making education more readily available, not increasing the amount of capital 
needed, will reduce risk and protect the public.
     
I, respectfully, recommend that this proposal not be approved as it now stands 
for the reasons stated above.  I believe that the emphasis should be on 
education and training.  Increasing the equity requirement will do more harm 
than good to the average American.  What will daytraders tell their children who
have been observing them change their lives with a passion for daytrading, if 
they can no longer participate because the equity requirement has been increased
by over 1200%.  It would appear to reinforce the age old belief that only the 
rich can really participate in the stock market. I do not think that is what we 
need to show our children.  Good changes have been made in the stock market. Let
us not take a step back.
     
Thank you for your consideration of my comments.
     
I am available by telephone at 907-243-6743 or at work at  907-269-3674. I work 
as a Program Coordinator with the State of Alaska with the Division of Senior 
Services.
     
Sincerely,
Dwight D Becker