Subject: Proposed Margin Changes

Date:    02/14/2000 2:14 PM
     
     
To whom it may concern,
     
I am strongly opposed to the proposed changes 
to margin requirements for intraday trades. 
This seems like a concerted effort to
bring intraday trading to an end.
     
If the goal of this rule change is to ensure that 
traders are not trading beyond their capital 
means, then raise the capital requirements
for intraday trading to a higher level.
This will prevent undercapitalized traders from 
taking undo risk.  But a trader with ample capital 
should not be constrained in this way.
     
The worst element of this rule change is that it will harm the liquidity of 
the market.
     
I urge you to reconsider.
     
Sincerely,
     
Jesse S.A. Bridgewater