Subject: File No. S7-19-07
From: JAMES L MCQUEEN, JR
Affiliation: RETIRED

July 8, 2008

TO WHOM IT MAY CONCERN,

IT'S TIME TO CLOSE THE LOOPHOLES CONTAINED WITHIN "REGULATION SHO".

SPECIFICALLY, IT IS TIME TO ELIMINATE THE "OPTIONS MARKET MAKER EXCEPTION" TO THE CLOSE-OUT REQUIREMENT'S OF "REGULATION SHO".

THE "SECURITY AND EXCHANGE COMMISSION'S" OWN DATA SUPPORTS THE WITHDRAW OF THE "OPTIONS MARKET MAKER EXCEPTION" RULE WITH ALL THE FAILURE'S TOO DELIVER. THE COMMISSIONS DATA FURTHER SUGGEST THAT THE PROBLEM IS LARGER THAN IS BEING ADMITTED TO THE GENERAL PUBLIC.

PLEASE CLOSE OUT "OPTIONS MARKET MAKER EXCEPTION" BY ELIMINATING IT WITHIN "REGULATION SHO".

SINCERELY,
JAMES L MCQUEEN, JR