Date:    02/15/2000  10:48 AM

Subject: SR-NYSE-99-47
 
TO WHOM IT MAY CONCERN:  
I am an individual investor and I feel that the proposed rule changes of 
SR-NYSE-99-47)discriminate unfairly against day traders and in reality are 
a poorly veiled attempt to discourage such trading.  Under the "Purpose" of 
the proposed rule changes, the SEC states that "The primary purpose of the
proposal is to require that minimum levels of equity and margin be deposited 
and maintained in day trading accounts sufficient to support the risks 
associated with day trading activities."
The main item that I find troubling is the section under the Special 
Requirements for Pattern Day Traders.  If the day trader trades in excess of 
their day trading buying power, the account will be margined based on the 
cost of all the day trades made during the day.  This in no way is related to 
the actual risk incurred by the day trader at any one time and seems like an 
arbitrary punishment for exceeding one's buying power.
Additionally, day traders are being singled out unfairly by forcing them to 
meet margin calls on the same day rather than the standard three days used 
by Reg T and Maintenance calls.
It looks to me like you are trying to discourage day trading altogether 
rather than trying to address the risks associated with that particular 
investment strategy.
     
-Thank you for your consideration to this matter-
Peni Gardner
Granbury Texas