MEMORANDUM

March 7, 2003

TO:	Files
FROM:	Luis de la Torre, Counsel to Commissioner Goldschmid
CC:	Susan M. Ameel, Counsel to Commissioner Atkins Brian A. Stern, Counsel to Commissioner Glassman Robert L.D. Colby, Deputy Director, Division of Market Regulation Lawrence E. Harris, Chief Economist, Office of Economic Analysis
RE:	Notice of Filing of a Proposed Rule Change by the New York Stock Exchange, Inc. Relating to the Dissemination of Liquidity Quotations

On February 14, Gregory R. Babyak, Kevin M. Foley, and David Tamburelli of Bloomberg L.P. and Roger D. Blanc of Willkie Farr & Gallagher met with Commissioners Cynthia A. Glassman and Harvey J. Goldschmid and Brian A. Stern, counsel to Commissioner Glassman; myself, counsel to Commissioner Goldschmid; Susan M. Ameel, counsel to Commissioner Paul S. Atkins; Robert L.D. Colby, Deputy Director, Division of Market Regulation; and Lawrence E. Harris, Chief Economist, Office of Economic Analysis.

The discussion concerned the Notice of Filing of a Proposed Rule Change by the New York Stock Exchange, Inc. Relating to the Dissemination of Liquidity Quotations, Release No. 34-4091, File No. SR-NYSE-2002-55 (Dec. 23, 2002). Messrs. Babyak, Foley, Tamburelli, and Blanc expressed the views contained in Bloomberg's comment letter, dated February 26, 2003, on this matter. During the discussion, the Bloomberg representatives referred to a live feed from Bloomberg's system and to the slides that Bloomberg has attached to the February 26 letter.