July 20, 2006
Dear Ms. Morris:
I am writing the commission in response to the NYSE proposal to revise the transaction fees on the New York Stock Exchange. I strongly urge you not to approve this proposal.
I have been an independet floor broker on the NYSE for 20 years. I currently have 8 employees working with me. My firm executes trades for varying types of customers(buy-side, sell-side, non-member broker dealers, pension funds, etc.).
If this new fee proposal is approved, my transaction cost will increase by 180%(or if you want, by $2,000 a month). This increase will put my firm in financial peril, and very well might force me out of business altogether.
I have been providing a valuable service to my customers for 20 years and want to continue to do so. Do not let the NYSE force me out of business because of an unevenly applied and arbitary pricing structure.
Richard A. Bruno
Integra Securities Corp.