Subject: File No. S7-10-04
From: Richard Chapman

April 5, 2005

The S.E.C. has completely caved to the New York Stock Exchange.

You have denied free-market choice to investors about whether to opt-out of best price for execution. Your failure enriches a handful of floor traders on the NYSE at the expense of investors across America. As everyone knows, best price on the NYSE is a mile wide and an inch deep.

The Wall Street Journal reported today the SEC was surprised by the number of comments received supporting the NYSE. It would be naive not to expect disproportionate comments from a self-interested group of NYSE employees and their friends trying to save their bacon.

You have denied the free-market and failed investors, both in one go. Feel no pride.