Date:    01/29/2000  10:45 PM

Subject: File Number SR-NYSE-99-47
To Whom It May Concern,
     
I understand that there is a proposal (File Number SR-NYSE-99-47) to raise 
daytrader minimum equity requirements from $2,000 to $25,000 in order to trade 
on margin.  As a daytrader, I have a comment on the proposal:
     
With a $2,000 equity minimum for a margin account, people who want to try 
daytrading can do so without committing a large amount of their capital.  Most 
will find that they are not suited for the task and will soon stop without 
harming themselves financially.  Yes, this is a high risk enterprise and most 
will fail.  But to have the opportunity, the chance to improve ones lot in life,
this is what makes America great.  I see very little difference between this and
the dream that many Americans have to own a restaurant (or any other business). 
I know from statistics and personal experience that running a restaurant is just
about the riskiest business there is.  Yet, there are no laws saying that you 
have to have a certain amount of money before you can go into the restaurant 
business.  This would be seen as an attempt to legislate the American Dream.
     
My concern with raising the equity requirements to $25,000 is that many people 
who cannot afford to lose that large a sum of money, will, nevertheless, open a 
daytrading account.  Why?  Because they have this burning desire to try 
daytrading no matter what.  They will get the money from their retirement 
account, or they will borrow against the equity in their home, or they will 
raise the money from credit cards or they will borrow from unsuspecting 
relatives and friends.  Now they have at risk a very large sum of money which 
they really can't afford to lose.  And what will happen?  Because they now have 
a large sum of money at their fingertips ($25,000 instead of $2,000) they will 
trade large sums without any experience.  They will trade from a position of 
fear and greed.  They will make all the mistakes that we have read about.  And 
we know what will happen.  Instead of losing $2,000 (an amount that they could 
live with), they will lose $25,000.  And they will be seriously hurt... maybe 
for the rest of their lives.  And others in their family will be hurt also.
     
Wouldn't it be better to let people follow their dreams for $2,000 instead of 
$25,000?  Most will stop soon enough and go on to more productive activities 
without any real harm.
     
With tongue in cheek, why not change the requirements so that you can put no 
more than $2,000 into a daytrading account?  Now this I like.  No one gets hurt.
 If one is successful and makes money, it is due more to skill than luck.  But I
digress.
     
Thanks for listing to me.  For what its worth, I purchased a restaurant many 
years ago.  I survived and made a modest living.  But it was the toughest 
business I've ever been involved in.  And, as I mentioned above, I also 
daytrade.  I've made my share of mistakes and am still learning.  But, I 
wouldn't want it any other way.
     
Sincerely yours,
     
Michael W. Lovy, Sr.
19 Londonderry Road
Windham, NH 03087
(603) 432-5479
mlovy@pop.net