From: Paul Fred [paulfred31@yahoo.com]
Sent: Friday, September 05, 2003 5:03 PM
To: rule-comments@sec.gov
Subject: BOX - SR-BSE-2002-15, Boston Stock Exchange

Dear Mr Katz:
Re: SR-BSE-2002-15, Boston Stock Exchange, Inc. 
 
I am writing in support of the BOX exchange.  
 
In addition to my previous comments, I would like to add that I believe the 
proposed price improvement period (PIP) mechanism proposed short duration is 
a protection for the party submitting the order against being free-rolled 
versus a market in motion.  
 
The duration of the (PIP)mechanism is more than long enough for a full and 
complete price-discovery process to take place given the growth in automation 
of many trading firms. The propose (PIP) rules are a deterent, not an aid 
to internalization.
 
Sincerely,
Paul Fred
CEO PFTC Trading LLC.