Subject: File No. S7-10-04
From: Alan Richter

December 16, 2004

The Honorable William H. Donaldson, Chairman, Securities and Exchange Commission,
I have been a trader/investor in securities since 1962. As a former independent member of the American Stock Exchange and now a trader/investor for my own account, I am an avid supporter of the SECs proposed rule to prevent trade throughs. I have been disadvantaged repeatedly by trade throughs on the Nasdaq, though this has occurred only one time on the New York Stock Exchange. I consider such trade throughs to be to the detriment of individual investors and to the benefit of so-called market makers who in my estimation are less than scrupulous.
Sincerely yours, Alan Richter, Wharton MBA, 1975