Subject: JOBS Act Title I Tick Size Study
From: Tony Gagliano

July 28, 2012

To whom it may concern:

I truly hope that the SEC decides to at least introduce a pilot programme for increased minimum trading increments.

The 1 cent trading increments have destroyed market quality as well as capital formation.
All the evidence is there already. In reality, its not even cheaper for the public to invest as all public orders are front run by HFT algo's. Its way out of control. There is no depth to market or real bids / offers under the current system. It has created a disaster in the equity markets as was seen during market stress.

Thank you.

Tony Gagliano