Date:    01/29/2000  6:57 PM

Subject: File Number SR-NYSE-99-47

Dear Sir/Madam,
     
I've just received notification about a new rule that is being proposed by 
the NYSE and NASD ("File Number SR-NYSE-99-47") to the SEC that increase day 
traders' account size requirements to $25,000. On the surface, its obvious 
impact is to increase the account size requirements for day traders from 
$2,000 to $25,000. I'm less concerned about the monetary amount and much 
more concerned about the way this is being handled.
     
In addition to the obvious account size requirement increase, there are 
several things about this filing that are VERY disturbing:
     
>> Lack of public disclosure - I am extremely concerned about the lack of 
public disclosure and discussion. I have seen nothing about this until about 
a week ago. Given the media hysteria that day traders have been subjected 
to, you would think that this change would receive wide publication. Also, 
given the impact that this will have on every investor and trader, you would 
think that education is critical. I've seen nothing in any paper or 
publication.
     
>> Definition of a day trader - This rule specifically defines a day trader 
as...
     
"(ii) [A "day trader" is any customer whose trading shows a pattern of day 
trading.] The term "pattern day trader" means any customer who executes four 
(4) or more day trades within five (5) business days. However, if the number 
of day trades is 6% or less of the total trades for the five (5) business 
day period, the customer will no longer be considered a pattern day trader 
and the special requirements under paragraph (f)(8)(B)(iv) of this rule will 
not apply."
     
This seems to be a capricious definition with no public discussion about it. 
Once this definition is in place, it will become the defacto standard, even 
though NO ONE HAS FORMALLY AGREED TO IT.  Also, the part about "...6% or 
less of the total trades..." seems to provide allowances for some unnamed 
group. The public should understand why one group seems to be excluded from 
this ruling.
     
>> Lack of adequate time for discussion - This rule is open for public 
comment and will be closed on February 2, 2000! Given the lack of public 
exposure and the major impact on investors and traders, I am extremely 
concerned about the way that this is being handled.
     
>> At odds with SEC's efforts to make markets fair and equitable for all 
investors - The SEC has done excellent work in addressing controlling a 
tough environment.  For example... Recently you have moved to eliminate the 
practice where Financial Analysts at big firms where given preferential 
treatment and inside information to the detriment of investors.  Also, 
Chairman Levitt has moved to force the NASD to develop a central limit order 
book.  This proposed rule is clearly at odds with the SEC's current 
direction.
     
Please disapprove this rule and open a public dialog so that better rules 
may be proposed that will be fair and equitable for investors and the 
financial community.
     
Sincerely,
     
Daniel T. Clark
     
p.s., I am not a professional trader, nor am I affiliated with any financial 
institution.   I trade and invest for an hour or so in the morning before 
going to work as a professional software developer.