Author: at Internet Date: 02/01/2000 9:15 AM Subject: File Number SR-NYSE-99-47 I feel this rule change is not only unfair but discriminatory to the smaller daytrader. The premise behind this proposal, as stated by both exchanges, is to help protect the smaller investor. That being the case, then why did they raise the buying power from 2:1 to 4:1. In other words, if you have 10K you can now buy 40K worth of stock (if you have greater than 25K in your port). If you are trying to protect traders from the dangers of daytrading, why give them more rope to hang themselves with the additional buying power. Something smells in Denmark, and we aim to find out what it is. The exchanges opened the doors with SOES and other tools to the small daytrader and said come on in and play. Well, we, the small daytrader took that offer and came in force. Daytrading has taken off. The shear numbers of small daytraders making their own trading decisions on their personal laptop is staggering. So staggering, that we have created HUGE volatility in the markets ........ and they DON'T LIKE IT. In our opinion, this may be a way to control volatility in the markets, to limit, or take away a very very valuable tool that this hidden brigade of small daytraders uses. Although we agree that daytrading has increased risk, but we do not agree with their solution. The solution is education. They say 80% of daytraders lose. We believe these numbers to be so high because of this lack of education. The numbers don't lie. Education is the answer, not taking away a valuable tool that is available to anyone else. They are basically saying that someone with a 25K portfolio makes better trading decisions than someone with a 15 or a 20K portfolio. Nonsense. Stop loss discipline and a regimented, disciplined approach to trading is the key. Please do not enact this rule.