M E M O R A N D U M

TO: Public File No. SR-NYSE-2002-55
FROM: Mary S. Head
Counsel to Commissioner Cynthia A. Glassman
DATE: March 17, 2003
RE: NYSE Liquidity Quote Proposal

On March 7, 2003, Commissioner Glassman met with Monte Lehmkuhler, a trader at Friedman, Billings, Ramsey & Co. Mr. Lehmkuhler did not comment substantively on the NYSE Liquidity Quote proposal, but stated that his firm had software that would permit him to access the liquidity quote through an integrated quote montage.