From: Scott Sieck [scottsieck@msn.com] Sent: Wednesday, March 05, 2003 7:48 AM To: rule-comments@sec.gov Subject: SR-DTC-2003-2 Gentleman, The requested rule change proposed by DTC demands careful consideration. The consequences may be less obvious if not fully reviewed. The underlying complaint by small issuers is the failure of the DTC to properly settle trades. This has resulted in the recent request by many issuers to exit the DTC system. The improper settlement of sells versus buys has created an environment of unregistered securities offerings. Sellers including retail, hedge funds and market makers have been permitted to sell stock that either is not available to be borrowed, is restricted, or has not under gone affirmative determination rules. This results in an unlimited supply of "tradable shares". The lack of settlement enforcement inflates and distorts normal supply and demand factors in an orderly market. I can't profit from my purchase without first paying for it at settlement, why should a seller profit from his sell without first delivering the stock at settlement.? The DTC is requesting a rule change in their favor that they in fact have already dictated to numerous issuers. As a litmus test, I would strongly encourage the Commission review the settlement records of those issuers denied exit as a premise for reform. Respectfully Scott S. --------------------------------------------------------------------------------