Subject: File No. 4-581
From: Frank L. Hohmann, III
Affiliation: Retired head of Wall Street derivatives division

June 10, 2009

I do not believe that reinstating the uptick rule would have much effect on the ability to short stock. There are numerous over-the-counter transactions which can be effected by a broker to facilitate originating a short position even if the rule were in place. I do feel, however, that rigorous enforcement of "naked" short sales is absolutely imperitive if there is to be market integrity. Historically, the enforcement has been abysmal and the lack of enforcement has led to numerous dislocations and manipulations of securities.