Feb. 5, 2024
Dear Securities and Exchange Commission, I am writing to express my profound concerns regarding the proposed rule change by the Options Clearing Corporation (OCC) to adjust parameters for calculating margin requirements during periods of high market volatility. As an individual investor and a recent father to a beautiful daughter, I find myself increasingly concerned about the world we are shaping for the next generation. The stability and integrity of our financial markets are paramount, not only for my family's future but for the entire nation's prosperity and reputation on the global stage. The proposed rule change, while aimed at managing risk, raises significant apprehensions about its potential to destabilize the market. By adjusting margin requirements in volatile periods, there is a risk that smaller investors could be disproportionately affected, leading to a less inclusive market. This could exacerbate market volatility rather than mitigate it, creating a ripple effect that impacts investor confidence and the broader economic landscape. Moreover, the lack of transparency in the redacted materials related to this proposal is troubling. Transparency is the cornerstone of trust in our financial systems. Without full disclosure, investors are left in the dark about the methodologies and criteria used for such critical adjustments. This opacity undermines confidence in the regulatory processes designed to protect us all. Additionally, the inherent conflict of interest associated with the Financial Risk Management (FRM) Officer's role in this process cannot be overlooked. Ensuring that those who oversee risk management are independent and unbiased is crucial to maintaining the market's integrity. Any perceived or actual conflict of interest erodes trust and can have long-term detrimental effects on market stability. As someone who has just welcomed a daughter into this world, my concerns extend beyond the immediate implications of this rule change. I am deeply invested in creating a stable, transparent, and fair financial landscape for her future. The proposed rule change, in its current form, threatens the very foundation of these ideals. It's not just about one meme stock or another; it's about the integrity and resilience of our nation's financial systems. Therefore, I respectfully urge the SEC and relevant regulatory bodies to thoroughly reconsider this proposed rule change. It is imperative that any adjustments to margin requirements are made with the utmost consideration for market stability, transparency, and fairness. Engaging with a broad spectrum of stakeholders, conducting comprehensive impact assessments, and ensuring that any changes serve the long-term interests of the market and its participants are steps that cannot be overlooked. Our nation's reputation and the well-being of its citizens depend on the integrity and stability of our financial markets. For the sake of my daughter and all our children who will inherit the consequences of our actions today, I implore you to take these concerns seriously and act in the best interest of the public and the future we are striving to build. Thank you for your attention to this matter. I trust that you will consider these concerns with the gravity and urgency they deserve. Sincerely, Angello Maggio 18-05 150th St Whitestone, NY, 11357 (914) 407-2170