Subject: File No. S7-10-04
From: Frank Christensen

Dec 10, 2004

The continuous auction process on our trading floor with specialists and floor brokers adds real value. The intraday volatility of the stocks of the 51 companies that switched to the NYSE from NASDAQ in 2002 and 2003 fell, on average, by 50%--that means savings for investors and a lower cost of capital for issuers. We are proud of the fact that in our marketplace, small investors are put on an equal footing with the largest institutions.

John Thain


Without an understanding of the motive, that led to the lengthy production of the report by the Fidelity General Counsel, which just one fact above renders useless, it is not possible to make comment