Feb. 25, 2024
Dear Securities and Exchange Commission, I am writing to submit my comments concerning the proposed rule change SR-OCC-2024-001. As an individual with a vested interest in the fairness and integrity of our financial markets, I am compelled to express my concerns regarding the implications of this rule change on market dynamics and the equitable treatment of all market participants. The core of my concern lies in the provision that appears to grant unilateral authority to a select group of individuals within the operational framework of the Options Clearing Corporation (OCC). Such a concentration of power, without sufficient checks and balances, poses a significant risk to the foundational principle of fairness that underpins our financial markets. By centralizing decision-making authority in the hands of a few, this rule change risks creating an imbalanced impact on a broad swath of market participants, potentially disadvantaging individual investors and smaller institutions in favor of larger entities. Fairness in the market is not just an ideal; it is a crucial requirement for the proper functioning and integrity of financial systems worldwide. The market operates most efficiently when decisions and changes are made with consideration for all stakeholders and when those decisions are driven by transparent, equitable principles. Granting excessive power to a limited group undermines this balance, potentially leading to decisions that could adversely affect market liquidity, accessibility, and overall health. The essence of a free market is its ability to self-regulate through the collective actions and decisions of its participants. Interventions should be designed to protect and enhance this mechanism, not undermine it by centralizing control. I urge the SEC to consider the long-term implications of SR-OCC-2024-001 on market fairness and to seek solutions that enhance transparency, accountability, and equity. Let the market decide through the balanced and fair interplay of all its participants, rather than through the dictates of a select few. In conclusion, while I appreciate the complexities involved in regulating and ensuring the smooth operation of financial markets, I strongly believe that maintaining fairness should be at the forefront of any rule change. I respectfully request that the SEC carefully reconsider the proposed rule change SR-OCC-2024-001 with these concerns in mind and engage in further dialogue with a broader cross-section of market participants to ensure that any changes serve the best interests of the entire market ecosystem. Thank you for your time and consideration of my comments. Sincerely, Inwoo Park (818)279-1547