Christopher O'Neill Comment On Regulatory Notice 22-08
Christopher O'Neill
N/A
Comments: Dear FINRA, I have been investing in stocks and options for over 30 years and have used leveraged or inverse products for the last 20 years. The proposed regulations and or guardrails for what you call complex products would undoubtedly disrupt the existence of these products and future development of these products. L&I ETF's have given me the opportunity to hedge out portions of my long term holdings for short periods of time. I have also used them to capitalize on short term market dislocations or express specific sector exposures.
When I first opened my brokerage account I was asked several questions about my familiarity with option trading and when I place a ETF trade in L&I products I am amply reminded of the risks these products entail. The notion that I would be required to "test" my market knowledge before being allowed to use these products seems overly restrictive. If I failed the test would I not be able to invest my own account as I wished? The fact that any 18 year old can open a sports betting account in a few clicks and risk all of their money on a win or lose outcome, having higher restrictions for investors who buy and sell ETF's that rarely if ever go to zero, does not make much sense. There is no warning label on the bet they make on the Yankee's that they can lose ALL of their money. Yet I would have to pass a test to prove I am aware that I may lose SOME of my money.
Christopher O'Neill Comment On Regulatory Notice 22-08
Comments: Dear FINRA, I have been investing in stocks and options for over 30 years and have used leveraged or inverse products for the last 20 years. The proposed regulations and or guardrails for what you call complex products would undoubtedly disrupt the existence of these products and future development of these products. L&I ETF's have given me the opportunity to hedge out portions of my long term holdings for short periods of time. I have also used them to capitalize on short term market dislocations or express specific sector exposures.
When I first opened my brokerage account I was asked several questions about my familiarity with option trading and when I place a ETF trade in L&I products I am amply reminded of the risks these products entail. The notion that I would be required to "test" my market knowledge before being allowed to use these products seems overly restrictive. If I failed the test would I not be able to invest my own account as I wished? The fact that any 18 year old can open a sports betting account in a few clicks and risk all of their money on a win or lose outcome, having higher restrictions for investors who buy and sell ETF's that rarely if ever go to zero, does not make much sense. There is no warning label on the bet they make on the Yankee's that they can lose ALL of their money. Yet I would have to pass a test to prove I am aware that I may lose SOME of my money.
Respectively,
Chris O'Neill