Subject: File No. 4-657
From: peter schulkin

April 2, 2018

This is my second comment which I am making since I have had more experience with low-priced stocks that were limited to a 5 cent increments on accepted orders. I am an individual investor and I believe that this whole FINRA Tick Pilot is designed to pave the way for dealers to make more money at the expense of individual investors like myself who are hurt by these arbitrary ranges. If I want buy a stock and put in a bid at the bottom of the range, I never get to buy the stock no matter how many shares trade at my price, unless the range drops another 5 cents. So the short of it is that if I want to buy a stock in the FINRA Tick Pilot, I must pay the top of the range for it -- and I can hear the dealer laughing all the way to the bank. When I am dealing with stocks which do not have the 5 cent increment limitations, I can put in a price which is a penny more than the current bid price and I am much more likely to buy the stock at my bid price. I cannot see what the theory is that says 5 cent increments is good for anybody except the dealers.