Subject: File Nos. 265-26, SR-BATS-2010-014, SR-EDGA-2010-01, SR-EDGX-2010-01, SR-BX-2010-037, SR-ISE-2010-48, SR-NYSE-2010-39, SR-NYSEAmex-2010-46, SR-NYSEArca-2010-41, SR-Nasdaq-2010-061, SR-CHX-2010-10, SR-NSX-2010-0, SR-CBOE-2010-047, SR-FINRA-2010-025
From: Cliff Pereira

May 13, 2010


"The Securities and Exchange Commission proposed so-called circuit breakers that would halt trading in a stock for five minutes, if it fell more than 10 percent in five minutes." Source

It's great that the SEC is trying to address the issue that occurred last week, and I applaud your efforts. BUT, what if stocks climb more than 10 percent in five minutes.

Why is the Sec only ever concerned with eliminating downtrend shocks. It's just completely contrary to realistic Economic thinking.

It seems that the SEC position is that only when the price of stocks are moving is the market running efficiently and in an orderly manner, and regulation is required to ensure that is in fact the only way for the market prices to behave.

Thank you for allowing me to share my personal thoughts with SEC and taking some time to read my opinion.


Cliff Pereira