Author:  "jnyaplcd" <jcope@telus.net> at Internet
Date:    01/29/2000  3:39 PM

Subject: File No. SR-NYSE-99-47
Name: John Cope
     

     
I see absolutely nothing in the proposed rule change for the NYSE, or a similar 
rule change for the NASDAQ (which I trade) that could benefit small investors 
new to the market who would like to start with a small trading account.
    It will just make it harder for small traders like myself, by restricting
their opportunity to buy and sell shares at a fair price in a timely manner 
during the day. I would expect to see spreads increase, a decrease in trade 
volume, as well as an increase in adverse, unpredictable price movements. For me
the risks are the same if I position trade or daytrade, and I feel I already 
face enough risks without this unfair proposal. Besides which, my broker 
automatically reduces my position if I drop below minimum margin requirements, 
so the rule change isnt needed anyway.