Subject: File No. SR-BSE-2007-38
From: John J Arand

August 15, 2007

I believe the Penny Pilot Program should not only be extended, but that it should be permanently implemented on all options exchanges the SEC has juridiction over.

Furthermore it should be expanded beyond the initial limited list of companies and implemented for all listed options. I believe the reduced spreads are in the best interests of all option buyers and sellers.