Subject: File No. 4-657
From: Luc Teirlinck

March 30, 2018

I have a further remark that concerns not the program itself, but its
documentation. I believe that it could be made more clear in the
general documentation that "NMS common stock" means NMS common stock
of _operating_ companies, i.e. that investment companies like ETF's,
CEF's and UIT's would not be included (I hope I understood this
correctly). One can figure this out by clicking on and reading
through the details of "Plan to implement tick size program", but I
believe that it would be good to mention this explicitly on the main
web site under "What is included in the study?".

When I wrote at the end of my previous post: "I include some further
comments of a much more specialized nature in a separate post.", I
actually meant to point out why, even though I believe that it would
be bad for all stocks, the 5c tick size would be especially bad for
ETF's and CEF's. I was quite relieved to find out that they
(fortunately) were never meant to be included anyway.