Subject: File No. 3-11940
From: Franco A. Mortarotti
Affiliation: CEO, Zermatt Capital Management

January 3, 2006


It is hard for us to understand the reasoning for the secrecy of the transactions, and the secrecy of the disgorged clients.

If there are identified transactions, with specific trade date, time, and specific security; list it on your website.

For years we have written the NYSE on these matters, we have full documentation of transactions that we feel should have been attended to, though The NYSE never responded with an adequate response.

If these transactions were available for viewing, and we find that we are involved or not involved it would save both our time and the administrators time.

Further, it would be helpful in understanding how the commission came to the conclusion that the transactions involved were all or close to all of the transactions that were involved in the disgorgement.


Franco A. Mortarotti