Subject: File No. S7-02-10
From: Jerry Ellis
Affiliation: Small investor

January 20, 2010

Dear Sirs,

I am a small retail investor. I do not have naked access, a co-located server, the ability to submit bids/offers that expire in milliseconds, access to a dark pool, or a prop desk with which to front-run customer order flow.

All I am asking for is equal footing with other market participants. In my view that would entail routing all market orders through a broker (no more naked access), making dark pools immediately disclose all transactions (both price and volume) to the market, and making all bids/asks effective for a certain amount of time (say 15 seconds).

This is not a comprehensive list of all the changes I would like to see, but it would be a good start.

Thank you for your time.