February 21, 2003


     Mr. Jonathan G. Katz
     Secretary
     Securities and Exchange Commission
     450 5th Street, NW
     Washington, DC  20549-0609

     Reference:   File Number:      SR-BSE-2002-15
                  Boston Stock Exchange, Inc.
                  Filing to Establish Trading Rules for the Boston Options
                  Exchange Facility

     Dear Mr. Katz:

     Please  accept  this  letter on behalf of State Street Global Markets,
     LLC  ("SSGM")  as  a  letter of support in favor of the Boston Options
     Exchange ("BOX") facility.

     SSGM,  a  wholly-owned  subsidiary  of State Street Corporation and an
     affiliate of State Street Bank and Trust Company, is an SEC registered
     broker-dealer  and  a  member  of  the NASD and Boston Stock Exchange.
     Currently,   SSGM   effects  approximately  300-400  customer  options
     transactions per month on an agency basis.  As a financial institution
     with  a  customer  base that consists of both institutional and retail
     clients,  SSGM continually strives to provide better execution quality
     and  transactional  services  to  our customers at the lowest possible
     costs.

     SSGM,  after  thoroughly  reviewing the model, strongly feels that the
     BOX  facility  will  be  an  improvement  over the current floor based
     exchanges in which options are currently traded.  The BOX, just by its
     open  market  structure,  will  assist  SSGM  in  providing for better
     quality  executions  for  options  trading.   The unfettered and equal
     access  to the order book that provides for strict time/price priority
     will  allow  all  options  trades to be executed at or better than the
     NBBO.   This feature, in the current environment that involves a great
     focus  on  "best  execution", will allow for greater execution quality
     for  customer  trades.   The  full  automation  that includes straight
     through  processing of transactions and the minimal cost of entry will
     provide  for lower execution costs and create the opportunity for SSGM
     to pass savings on to our customers.

     In  conclusion,  based  upon  the  factors mentioned above, SSGM is in
     strong  support  of  the  BOX  facility and feels that it will greatly
     improve  the  marketplace  for options trading.  We greatly anticipate
     the debut of this new alternative to the floor based exchange.

     Best regards,



     Nicholas Bonn
     Executive Vice President
     State Street Global Markets, LLC
     617.664.4913



     NB/dkc