November 15, 2004

TO: Files-
Regulation NMS
File No. S7-10-04
FROM: Joseph A. Hall
RE: Meeting with Goldman Sachs
On November 15, 2004, staff from the Chairman's office met with representatives of Goldman, Sachs & Co. During the meeting, Goldman representatives discussed matters raised in their comment letter on Regulation NMS, particularly with regard to their view that a trade-through rule should provide some form of depth-of-book protection.