MEMORANDUM

TO: File No. S7-10-04
FROM: Commissioner Campos
DATE: January 4, 2005
SUBJECT: Telephone Call with Representative Joe Crowley (D - NY)

On January 3, 2005, Commissioner Campos and Congressman Crowley spoke telephonically regarding Proposed Regulation NMS. Specifically, Congressman Crowley voiced concerns he has regarding the Depth of Book Alternative. He also stressed his belief that the role of the NYSE specialists-humans is essential to the marketplace, particularly in times of stress.