Subject: File No. JOBS Act Title I
From: Tony J Gagliano, Mr
Affiliation: Trader / Investor

January 14, 2014

When will the increased tick size pilot program begin?
I just hope the SEC gets it correct and doesn't allow the algo's and HFT's, which have destroyed market structure, depth, and stability to use the real bids offers of legit traders and investors as tools to jump in front of and game the system.

Look at the state of our markets now? Historically low volume, no depth and liquidity ( only the false appearance of it ) no added value, just parasites abusing the system.

Lets return our trading markets to the envy of the world once again. Five cent spreads in stocks and the return of real limit orders on the books.
This will create profitability to all market participants and job creation across the board. Let all be equal and have access to real liquidity instead of the HFT firms with advanced algo's that disadvantage the public.

Thank you.