Date:    02/02/2000  12:18 AM


Subject: margin rule proposal
Referring to SR-NYSE-99-47
Dear rules committee,
I am alarmed and very frustrated by your margin rule and total trading cap 
proposal. It is discriminatory and unfair to the small mom and pop trader.
     
Based on current law I have invested over 10,000 dollars in capital, 
software,quotes,seminars, books and spent an average of 4 hours per day since 
April 1999 studying the movements of stocks. I also have worked a job at night 
to afford me the time to watch the market during the day. My point is that like 
any other business you study and invest your time and money and then take your 
calculated risk.
     
I am now starting to make a living trading with less than 5000 dollars. I apply 
strict stop loss disipline, a key ingredient in capital preservation. By taking 
away margin for under 25,000 dollars you are severely cutting into my hard 
earned ability to earn a living. That is simply not right.
     
It is a poor argument to say that if you have over 25,000 dollars you are a 
better trader. I am sure that there will be inexperienced people who are 
attracted to trading that mortgage their house just to have the 25,000 dollar 
margin account and lose it all quickly in a very few trades( possibly less than 
a day). Your rule will never protect some people from themselves.
     
The market has been opened by SOES in 1987 and more recently by the internet and
ECN's. Do not restrict access to the market as it now is burgeoning with 
liquidity for important future capital creation. There is risk in all business 
activity and each individual should make that decision for themselves.
     
In conclusion either you should leave the rule alone or eliminate margin 
completely so that the playing field will be fair for all.
     
Bruce Tauber