Subject: File No. SR-DTC-2005-16
From: STEWART A LEVIN, Ph.D.
Affiliation: Geophysics Research Fellow, Landmark Graphics Corp.

October 29, 2005

I cannot fathom how this proposal will serve the investing public, which, I would hope, is the guiding principle of the Securities and Exchange Commission. Should The Depository Trust Company need to raise funds, it would better serve the investing public by offering such shares to the public, or, at a minimum, to the individual participants in their Direct Registration System. By forcing DTC members to purchase shares, they provide a financial disincentive for these members to approach regulatory agencies such as the Securities and Exchange Commission with information about criminal and/or unethical practices that affect the financial health of individual investors such as myself.

Just to be absolutely clear: I oppose this proposed Rule Change.

PS. Why does your online comment system remove all parentheses and brackets from the submission? These are legitimate and important punctuation marks.