From: Stephen P. Kelly []
Sent: December 21, 2003
Subject: File No. S7-23-03

Dear Mr. Katz;

I am urging your organization to implement the proposed rule to eliminate naked shorting activity. I cannot understand how your organization could allow the unchecked naked shorting(counterfeiting of shares)to exist any markets. The rule is needed and should be proactively enforced across all US Markets permanently.