May 4, 2024
Dear SEC, As an active investor I am always paying attention to the standards and rules being proposed and enforced in our markets. I am a small player amongst the masses like hedge funds but I still expect that the market we all participate in will be fair for all involved. The proposed rule change by the Options Clearing Corporation (OCC) is extremely insulting and clearly beneficial for clearing members alone. Adjusting margin requirements during periods of volatility should not be allowed as clearing members should be prepared for these scenarios. They are responsible for managing their own risks and if it should exceed their tolerance then they should be allowed to default. There are already a lot of issues regarding fair transparency in our markets and to add on to this is absurd. In the future I would like to see less redacted “public” information and more of large market participants being held accountable for their actions and poor risk management. I believe the dismissal of this proposal is a great start. I can only imagine how a proposal like this would increase the distrust that is already brewing among household investors. I believe that the OCC is aiming to expose our entire financial system to increased risk and failures by disregarding the current safeguards in place. I do not support waiving or lowering margin requirements at all and I hope that the SEC will continue to protect its investors and the financial markets by finalizing the dismissal/ disapproval of proposal SR-OCC-2024-001 34-10009. The SEC has my full support with the dismissal of this proposal and I agree with the bulleted grounds for dismal list that the SEC provided : Section 17A(b)(3)(F) of the Exchange Act , Rule 17Ad-22(e)(2) of the Exchange Act , and Rule 17Ad-22(e)(6) of the Exchange Act. I appreciate that the SEC is considering all players in the financial market and that I have been given the opportunity to participate and voice my opinion on important financial matters. Please adequately consider my concerns. Sincerely, B. Hiett Sent with Proton Mail secure email.