Feb. 8, 2024
Dear reader I hope this email finds you well. I am reaching out to provide an update on the proposed rule change by The Options Clearing Corporation (OCC) concerning modifications to the Amended and Restated Stock Options and Futures Settlement Agreement between the OCC and the National S. Thank you for taking the time to submit your comments and share your concerns regarding the proposed rule change. Your input is valuable in shaping the discussion and advocating for the best interests of our industry. I want to assure you that your concerns have been duly noted, and I appreciate your strong opposition to this proposal. Your points regarding the lack of transparency, the unfair marketplace created for retail investors, and the inherent conflict of interest in the Financial Risk Management Officer's position are well-founded and require serious consideration. I have collated the feedback from various stakeholders, including yourself, and we are in the process of compiling a comprehensive response to the OCC. Our goal is to present a unified and compelling case against the proposed rule change. In light of the issues you have raised, we will be proposing modifications to the rule change that focus on increasing and enforcing margin requirements commensurate with risks associated with Clearing Member positions. This approach aims to encourage responsible portfolio management and mitigate the potential risks faced by the OCC. I want to express my gratitude for your active engagement in this matter. Your commitment to protecting the integrity of our industry is commendable, and your voice matters in shaping the outcome of this proposal. We will keep you updated on any further developments and the progress of our collective efforts to oppose this rule change. If you have any additional insights or suggestions, please do not hesitate to share them with us. Thank you once again for your support. Together, we can make a difference and ensure that our industry's best interests are upheld. If you have any questions or need further information, please feel free to reach out to me directly. Best regards, Ricky Carrillo