Subject: File No. S7-15-09
From: Bill Boatwright, CFA, CFP

July 16, 2009

Please forward to appropriate area:

Making municipal bid-offer market more transparent is as simple as using an eBay-like system for individuals and bond dealers to offer, bid on CUSIPs.

Show offer, inventory for sale, in a central online marketplace.
Give complete information via a web link to specific underlying CUSIP information and then allow buyers to bid, just like stocks.

Only clear through qualified broker-dealers.
Don't make it too complicated.
It was much more complex in the past, yes, due to lack of technology.
Money, paper needed to be delivered, mailed, etc.
But today, with current internet and electronic money transfer technology, with payment systems as simple and ubiquitous as "PayPal", 'clearing' should not be complicated.

Regards,

Bill Boatwright, CFA, CFP
Vice President - Investments
Advisory & Brokerage Services
Wealth Advisor
Senior Portfolio Manager, Portfolio Management Program

UBS Financial Services, Inc.
15821 Ventura Blvd #670
Encino, CA 91436