Thread by @live2beingu

#AMC #GME #TSLA #KOSS Part 2 of "The Recap" continuing into our dives of the SR-OCC-2021-003 rule:
Per the 801 rule section 3 and 4 were intentionally missing as it awaited the additional comments from SEC, OCC and its members in regard to items 3-5. So L2B what’s the

difference? Because people are saying this is about so many different things, I’m getting confused.
Let me go through each section so that I can help you make the connection:
First section 3 begins with the overall purpose of the rule itself…. “Amend the OCC’s rules, Capital

Management Policy, and certain other policies to establish a persistent minimum level of skin-in-the game that Occ would contribute to cover default losses or liquidity shortfalls.” I’m sorry what does that opening line sound like....I'm sorry, what rule might be? That is our

very own SR-OCC-2021-801 rule, but I digress. Section 1 further dives into the history that speaks about how the OCC established it’s own capital management policy in 2020 and how our foreign allies really did their part in persuading them to establish the so called “skin in the

game.” Now what probably confused most folks is that it talked about each of the above rule changes from the 801 within the 003 rule as a synopsis in section 3 under proposed changes. These changes were identical word or word changes as recorded in the passed rule on April 7,

2021. Because these rules were passed they were fair game to be included within the amendment to the 801 as the language was already approved by the SEC. Let me continue before I give you a conclusion with the final update in section 4. Which talked about how the changes will

affect competition. Well they don't, because all of the changes being made is for the OCC to establish it's own skin in the game by having a persistent minimum level of skin in the game not it's members or anyone else but it's own. So there is no competition at this point.

Okay so L2B I did this crash course with you on the SR-2021-801 and the SR-2021-003 rules. So what do I need to take that is so important….well for starters the SR-2021-801 rule was the advance notice rule filed and approved by the SEC on April 7. 2021. Second, the changes to

the rules have already been implemented so there is nothing additional that needs to be done on behalf of the OCC as they’ve already made the changes within their By-laws and Procedures. Third, the 003 rules intent was to provide you with the purpose and background knowledge of

the 801 and to give you a look as to why this rule was necessary. To be honest, the 801 rule was written because the OCC saw that its members were doing things that would cause it to have a lot of risk exposure. Why? OCC’s members were engaging in trading activities within the

Securities and Options markets that kept triggering the clearing fund. Changes needed to be made in order to help establish how we the people would be paid should the member get into a trade that they can’t settle. Finally, the 003 rule is used to describe capture and describe

the sentiment of members and their thoughts regarding competition.

I hope that helps you guys know that the SR-OCC-003 rule is in effect already through the SR-OCC-2021- 801. I’m sorry if folks led you to believe that it was going to change and or do something different from

when the original advance notice was filed. But in reality this rule was already in effect since April 7th, 2021 the SEC was just letting you know that sections 3 and 4 of the 801 were amended and approved at this time. I hope that helps let me know if you have questions.

@threadreaderapp unroll #MEMES #STONKS #STOCKS #SROCC2021003 #rules #AMC #GME #ToTheMoon.