Subject: File No. 4-913
From: Michael Rogers

I oppose expanding U.S. equity trading toward 24 hours a day. I believe the regular market should remain a concentrated, highly liquid trading session of approximately 8 hours, five days a week. Extended-hours trading can have very low liquidity and wide spreads, allowing relatively small orders to cause large price movements. Those movements can trigger stop orders and algorithmic selling and create unnecessary volatility, particularly for retail investors. I believe investor protection and fair price discovery are better served by concentrating liquidity during regular trading hours rather than spreading it across a nearly continuous market. Ex: AMD. Thank you and please do the right thing for the investor. Please do not allow additional time for manipulating.