Subject: File No. 4-652
From: Erik Johnson
Affiliation: Instituional Equity Sales Trader - B Riley Co.

September 28, 2012

Your panalist for next week's roundtable do not seem like a well balanced field when speaking on technology, system design and errors. I would hope to see more end users of the technology and their feedback regarding issues they see. It appears your panel is made up of experts that can speak to design and theory. End users, specifically Institutions seeking true liquidity(not volume)are seriously hampered when competing with the ultra short term traders or HFTs. My opinion is, these new technologies along with favorable rules on market structure have created wealth for the HFT firms and has inversely taken away confidence from the true investor.