Feb. 6, 2024
Hello, I am very concerned with SR-OCC-2024-001 34-99393 entitled “Proposed Rule Change by The Options Clearing Corporation Concerning Its Process for Adjusting Certain Parameters in Its Proprietary System for Calculating Margin Requirements During Periods When the Products It Clears and the Markets It Serves Experience High Volatility”. Volatility is a part of today’s financial ecosystem, yes. But to put it simply, this is a rule that benefits large funds at the clear expense of everyday investors like myself and most of the participants in financial markets. I’ve been pinched out of trades and investments many times due to market volatility and changing margin requirements. Is this fair? Sure, if I don’t meet margin requirements. But if the SEC were to pick and choose what members were subject to these margin requirements, that creates an unlevel playing field. Not only that, but it also potentially creates a more tumultuous situation for those large funds that are on the wrong side of a volatile move, compounding their losses and potentially causing even more market upheaval than simply keeping margin requirements in place. I urge the SEC to not adopt this rule for the sake of individual investors and small funds, and for the integrity and safety of our financial markets as whole. Thank you. Cole Sawyer p: (512) 466-2631 e: cole.sawyer2@gmail.com