The following comment on Letter Type E,
Letter Type E:MP>Mr. William H. Donaldson, Committee Chair
United States Secwities and Exchange Coinmission
450 First Street, NW
Washington, D. C. 20549
RE: File Number S7-10-04
Dear Mr. Chairman:
As you committee considers modification of the regulatory structure, I am shocked to learn that no consideration is being given to a permanent opt-out provision of the trade-through rule. Including a permanent exemption of the trade-through rule is major in any modernization of the regulatory structure.
Any modernization of investment regulations should take into account "rea1 freedom" of the investor in making choices. Such freedom does not exist when an active investor must, in fact, be forced to a "best" price as a result of manually operated functions when working with totally automated information.
As your committee considers modernizing the existing market rules, please consider making the trade-through rule exemption a permanent part of the process.