AllianceBernstein
Managed Accounts

1345 Avenue of the Americas
New York, NY 10105

Scott C. Sipple
Managing Director
Managed Accounts

212-969-6586 (T)
212-969-6055 (F)
scott_sipple@acml.com

www.alliancebernstein.com

December 18, 2003

To: rule-comments@sec.gov
From: scott_sipple@acml.com
Subject: File No. SR-NSCC-2003-21

Dear Mr. Secretary:

Our firm, AllianceBernstein Managed Accounts, is writing the SEC in support of the rule amendment filed by the National Securities Clearing Corporation (SR-NSCC-2003-21) and we align our comments with those of our national trade organization, The Money Management Institute, a copy of which is attached.

Because the envisioned Separately Managed Account Service will bring improved operating efficiencies to investors and our firms, we ask that you approve the NSCC filing as promptly as possible.

Sincerely yours,

Scott C. Sipple
Managing Director