Feb. 7, 2024
Dear Sirs and or Madams, I would like to thank you for the opportunity to comment on the recent proposal SR-OCC-2024-001-34-99393 which looks to relax margin requirements during times of market volatility. I have several concerns about the OCC rule proposal, and I highly oppose this proposal, and cannot support it's approval. The market is already dreadfully murky for the individual investor, being unable to see and discern current information of, but not limited to, FTD's, short interest, large percentages of trades being sent off lit markets and ran through dark pools as block trades, the proliferation of payment for order flow, failures to enforce Reg-Sho rules, and the countless market maker exemptions. The fact that the head of a market maker/hedge fund (conflict of interest??) can state that they direct the markets to where they think the price should be rather than letting the market (supply and demand?) decide speaks volumes to how far we have moved away from a fair market. The last thing these companies operating under self regulating agencies need is the ability to further operate in the dark away from public and regulatory scrutiny. If anything, rules during times of market volatility should be stronger, not relaxed, to ensure these markets can weather the storms and maintain equality for all investors. Proper risk management and hedging of investments is just as important for large firms as it is for a retail investor. Without fear of failure or repercussion, there is no reason why large firms and banks will ever consider narrowing their risk or exposure or change the reckless ways with which they have been operating. Send a message that this behavior will no longer be tolerated and do not allow this rule to pass. Thank you for your time. A concerned retail investor, Kenneth Gawlak