Subject: File No. S7-02-10
From: Richard Abraham
Affiliation: Individual Trader

February 27, 2013

I trade many illiquid closed-end funds and used to frequently submit bids and offers that improved the market. However my incentive to bid or offer has been eliminated since brokers with executable orders get to step in front of my bids and offers whenever they want.

Trades in the stocks I follow are frequently executed at prices below where I would bid or above where I would offer if the auction market still existed.