Subject: File No. S7-02-10
From: Wilhelm R. Tschol
Affiliation: Investor

June 10, 2010

Issue: Index downtrends within last 45-30 minutes of trading

Related to the high volatility we experience almost every day heavy downtrends in the last minutes of trading.
As fair trading is important for legitimacy of stock exchange this issue is of critical quality.

Learnt in may 6 market disruption, my question is to what extent the indicated market behavior is shaped by similar automatism, or if not by heavy naked selling.

You may understand that existing volatility, combined with a presumably high trading commission income, is in all not healthy for privat or institutional longer term investors, and does not provide necessary confidence in stock trading.