November 18, 2004

TO: Files-
Regulation NMS
File No. S7-10-04
FROM: Joseph A. Hall
RE: Meeting with Instinet
On November 18, 2004, the Chairman and staff met with representatives of Instinet Group Incorporated. During the meeting, Instinet representatives discussed matters raised in their comment letter on Regulation NMS, particularly with regard to their view that a trade-through rule should not apply to Nasdaq securities.