Subject: File No. 4-610
From: jack leonard
Affiliation: professional researcher

March 29, 2012

after "watching" emma and studying one cusip

(57582pfx3) for one year , i have several findings

finding 1 . The dealer never gives the you or me ( public retai customer) the BEST EXECUTION

2. The dealer never gives the retail customer the real market
quotes .

3. The dealer always makes an average profit within 30 minutes ( as reported to emma)

4. The SEC is not enforcing the best execution rule

5. The SEC is not enforcing the "dealing" rule

6. The market makers are providing NO LIQUIDITY and hence do not deserve a 5% markup
7. The final report will be deliverd to congress
8. Any SEC official can verify these results by studying this one cusip on emma trading activities for one week