Subject: File No. SR-NYSE-2011-55
From: J. Fournier

November 28, 2011

Can I get this for stores, the DMV, and doctors office please? I no longer wish to wait in lines. I will simple walk to the front of the line at the grocery store and I will give the merchant 1/10 of a penny more than my item cost.

The NYSE is one of the last things related to the stock market that the general population still believes in. The brand recognition is comforting to non-professionals around the world. A bit of this legendary status was lost when the exchanged floor became desolate mainly due to the electronic marketplace. Another big piece died when the exchange announced it was selling itself to a foreign company. This move will be the final straw and it is sad. Crony regulation has forced the NYSE to take this route because its market share has been stolen by allowing competitors to participate in questionable practices such as dark pools, internalization and sub-pennying.

Every person I know or ask who is not a professional market participant sincerely believes that the market exist solely as a way to shear capital from them slowly and they want NO part of it. When buy and hold died so did the remaining shred of confidence that the whole thing is not a big scheme created by those on the inside to take money from those on the outside. Systems and rules such as dark pools, internalization and sub-pennying give credence to these negative beliefs that the majority of the population hold.

If the SEC wants to do something constructive perhaps they should create an electronic market maker system and regulate it like the specialist system of the past. Internalization and sub-pennying simply discourages providing liquidity by removing any and all incentive. I get a fraction of a cent rebate for providing liquidity but IF I get filled I am guaranteed to be instantly losing at least a penny. That is certainly no way to get anyone to provide liquidity or entice anyone to come back into the market.

On a positive note this will be good for real estate and small businesses as most investors will avoid the stock market as a rule and they will teach their children to do the same.