Subject: File No. S7-12-06
From: Carlos E Landazabal

January 15, 2007

Reg SHO is obviously not working, there are a myriad of FTDs still prevalent in the markets. When will this mocking of the capital markets stop? Look at Utah, now Arizona, who's next? You can run but you can't hide when you are guilty of manipulation, clearly what Reg SHO has allowed.