### Comment:
Thanks for the reply. It seems like a surprisingly wide loophole. 
  
 1) Set leverage ratio 
  
 2) Have arms length associates sell options. 
  
 3) Lower ratio 
  
 4) ???? 
  
 5) Profit! 
  
 How did a robust options market exist if this was regarded as a real possibility?

### REPLY:
I don't know enough to say; but if too many adjustments happened you can imagine that people would stop buying.

### END.