Author:  "Jim Birmingham" <SMTP:j_birmingham@msn.com> at OPC
Date:    01/05/2001  2:54 PM
Normal
TO: KatzJ at 03SEC
BCC: RULE-COMMENTS at 03SEC
Subject: Fw: Supermontage proposal (SR-NASD-99-53)
------------------------------- Message Contents 
Subject: ref: Supermontage proposal (SR-NASD-99-53)
     
     
Gentlemen: I would like to express my opposition to the "preferencing" and 
to the "price/size/time" algorithm included in the proposal referred to 
above.
     
To allow dealers and market makers to step in front of public orders would 
be tantamount to a license to steal, and would cost the public billions of 
dollars extra over time as the latter try to execute orders. A fair market 
would provide for the first best bid or offer to have preference, PERIOD. 
Access fees and commissions are very secondary, relative to fair 
preferencing.
     
If you vote to approve this proposal as presently stated, please let me know 
why you are giving dealers this extraordinary unfair advantage.
     
Thank you for your attention, and best regards,
     
James G. Birmingham
7 Todd Pond Road  Box 309
Lincoln, MA 01773