Date:    4/6/99  12:42 PM

Subject: File No. S7-5-99

Dear Mr. Levitt:
                    I am writing to you as a follow up to Cromwell Coulson's
letter to NASD members. Surely the ammendments to Rule 15c2 11 would not impose 
a standard of strict liability on market makers. Without being part of an audit 
team covering each company at issue no trader would have any insight into the 
veracity of a financial statement. We can only take financial statements on good
faith that the auditors have done an honest job. To hold a non audit team member
strictly liable for the report is against public policy and if that is the 
intent of the SEC will chill market making activity. Familiarity with the 
financials is great and should be encouraged, liability for financials would be 
at best highly burdensome and probably not legal. Please make these issues clear
to the members.
                                                        Best Regards,
                                                        Basil Vasiliou
                                                        Vasiliou & Co., Inc.