Subject: File No. S7-08-09
From: Robert D Macgilvray
Affiliation: Former member of the New York Stock Exchange

May 26, 2009

As a former member of NYSE I have seen up close the destuction the repeal of the uptick rule spawned.There was absolutely no valid reason for the repeal in the first place and the rule should be reinstated immediately as it was originally formatted.The public deserves this protection the hedge funds that drive stocks into panic selling.