Date: 01/31/2000 6:27 PM Normal TO: RULE-COMMENTS at 03SEC Subject: to File Number SR-NYSE-99-47 *** important *** SEC authorities, Why have a limit of four times one's account value to trade? This is not a protective measure but a denial of free enterprise. This proposed margin rule is unfair and discriminatory to the small daytrader. These proposals are un-American. The American dream was founded on the principles of risk reward. Many corporations began in a garage with little capital. Daytrading is no different and should be viewed as a business with substantial potential returns. The NYSE and NASD contend that by raising the margin requirement it will address the risks associated with the practice of daytrading. This is absurd because it implies that a daytrader, who's willing to risk $25,000, is more educated or responsible than another who's willing to risk $15,000.I have learned the rules for successful trading to the extent that even though I am limited to stay at home and function as a disability I have permits me to, I can be productive and off set some of the cruel twists of life onset by an accident in 1994. I believe what I have establish for myself as well as others like me should not be taken from us. I believe risk management should and does take the form of education and training of sound fundamental methods and a solid understanding of the basic Also of the utmost discrimination is the fact that one can only trade four times his account value if over $25,000. This equates to saying to a business man, "You may only service or sell to a limited number of customers a day." HOW CAN THIS EVER BE AN EQUITABLE APPROACH TO ANY BUSINESS? You are recognizing the business of daytrading but limiting a business. Self regulation is our key to success in any endeavor and this legislation is imposing openly on that freedom. While policing and improving ourselves is our responsibility, not the responsibility of an act to limit our ability to interact. I for one, have invested over $10,000 in education and leadership in the last 2 1/2 years and have to this date over $12,000 in equipment with a previous expense and current expense of $400 a month just to open my broker screen each month. I am not a person of large financial means, premature in my life in 1994, I sustained an accident that ended my career and cut my income in half, depleted my entire Ira and savings, and placed me on disability. I even had to file a chapter 13 which even though I was extremely limited financially I am paying that off at the rate of 25% of my disability. I have sacrificed immensely to achieve the experience and success I have dedicated myself to achieve. As a single woman in her 50's this is very frightening, but I did dust myself off and set myself out to try to find some way I could be productive when my disability allows me to and have the potential of attaining a goal of being able to have a home again. This amount that I have invested is mammoth to a person on a $2,000 a month disability. Now what I have learned to do well, you are preventing me from doing it and tremendously dragging out the time frame I have left in achieving my goals. I pray this legislation will not be enacted and encourage you not to limit the small guy striving to get a head and remove my opportunity to trade freely in the greatest country on earth. I have spent a huge amount of time and money gaining my proficiency and pray you do not hamper my potential to perform in something I have invested so much of myself and financial assets in. I strongly oppose the current legislative proposal of rule SR-NYSE-99-47 currently in consideration and to let you know the disadvantages and discrimination this act has upon the daytrader that is without the assets and clout of the institutions, marketmakers, mutual funds and large money. I sincerely believe we live in the greatest country in the world, one that is boasted to all ears of our great freedom and ability to get ahead without discrimination of any type. I do not believe our constitution would discriminate between large institutions with huge assets and the individual taxpayer striving to excel within our great country. However, the legislation proposed does work against the small investor that is making his money through the market on a short term basis and has invested a sizable amount of their money and an incredible amount of time in this endeavor. While this legislation may be presented as an effort to protect those without a knowledgeable logical approach, if passed the negative financial impact will be mammoth. SR-NYSE-99-47 is extremely unfair to traders who have struggled educated themselves and became extremely productive. Any restrictions of any kind should be placed upon those affected negatively. Only institutions, funds and bodies with a large capital will benefit from SR-NYSE-99-47. Trader's with negative situations in trading should be dealt with on an individual basis and the person most knowlwdgeable of this is the broker. I propose that a broker have the right to limit or abstain a trader from trading contrary to affecting all trader's by a blanket discriminatory ruling such as SR-NYSE-99-47. I pray this legislation will not be enacted and encourage you not to limit the small guy striving to get a head and remove my opportunity to trade freely in the greatest country on earth. I have spent a huge amount of time and money gaining my proficiency and pray you do not hamper my potential to perform in something I have invested so much of myself and financial assets in. Respectfully, Laneta Robillard