Subject: File No. 4-602
From: Michael J Giorgio
Affiliation: Equities Trader

June 5, 2010

I have been trading the US equities markets for 10 years. The abuses that are recently surfacing (last 3 years) in this industry will soon cause meltdowns that were witnessed from the abuses in Real Estate. The main issue is High Frequency Trading which is a smoke and mirror show that squeezes out REAL liquidity slowly over time and replaces with FALSE liquidity. This liquidity can be turned off in an instant as the BLACK BOXES simply shut down and we have 1000 point drops in a matter of minutes. Flash orders, dark pools, sub penny orders, fake bids and offers that are used to create illusion. These items need to be addressed. They need to be regulated.