Tuesday, August 28, 2001

From:  Michael W. Hansen
 Box 4156
 Gillette, WY  82716
mikhanse@vcn.com

To: Chair
 Laura SimoneUnger
Commissioner for Rules and Comments
Securities and Exchange Comission
<rule-comments@sec.gov>

Re: NASD Rule 2520 proposed amendments

I would like to comment on the proposed amendments to NASD Rule 2520 which,
among other things, seem to require a trader trading his/her OWN account to
have >$25,000 available to the account in order to make more than 3 trades
in any 5 consequtive trading days.  I believe someone has chosen to tread on
me in manner I consider a clear interference in and taking of my ability to
trade in a free market.

I agree that a market needs rules.  I agree a free society needs rules.  I
agree that individuals within a free society must voluntarily adopt a set of
ethics that will enable those rules to work.  That is the essence of liberty
and freedom:  The right to choose. I consider (that part of) the amendment
to be designed and implemented to remove my right to choose and replace it
with a requirement that I must have someone else choose for me.

I don't agree that a market as critical to the national health as is our
stock trading market in all it's ramifications needs to make the sort of
rule which will not only eliminate nearly all my individual trading
capabilities in that market but place me at a clear disadvantage, since,
unless I manage to produce the cash necessary to bring my account to the
required limit, I will be placing my personal account at 3 times the risk:
 I cannot trade a stock in a volatile market hence I cannot take advantage
of the market swings.
 I cannot short a stock.
 I cannot take advantage of the daily instances of news movements in the
market.

Also, I will be removed from any chance of realistically trading within the
professional environment on any kind of level field, since the major
brokerage traders know I have to trade in this way.  If I am to stay in the
market I have to give up control of my money.

I consider this aspect of the 2520 rule as amended most heinous. It is an
insider's deal designed to take as much control of my personal investment
funds as they considered possible. This gross abuse of the regulatory agency
power is a direct attack on my ability to have access to three inalienable
rights, liberty, freedom, and the pursuit of profit.  I consider it to be a
jack-boot on the back of my neck.

I want you to use whatever influence and power you have to get that boot off
my neck and allow me to get back to my work.

Keep in Touch

Most Sincerely,

M. W. Hansen