Subject: File No. JOBS Act Title I
From: Tony J Gagliano

September 3, 2014

Why does all the block trades and larger size trades occur off - exchanges and on Dark Pools if the penny spread is so great? Most 401Ks and pension funds use dark pools for execution. The retail investor is actually paying more this way.

The HFT " market makers" are only in business for themselves to front run all retail order flow. Look at the stats on those firms.

Again, its a one year pilot program. Lets determine the results at its conclusion.
How can that not benefit our once world renowned stock market.

Fair and orderly markets with depth and liquidity to enhance ALL types of trading

Thank you.