Subject: File No. S7-02-10
From: Jon Liljekrans
Affiliation: Bright Trading

April 13, 2010

Please consider seriously the damage being done to the equity and options markets in the United States by the abuses of sub-penny algorithmic trading.

The exemption granted to broker dealers to engage in sub-penny trading has created an unfair two-tier market place.

Those entities are routinely stepping in front of the National Best Bid or Offer and stealing executions that should have gone to a resting limit order placed in full penny increments. The result is a steady reduction of resting orders from liquidity providers. Less liquid markets are much more prone to crashes. It is imperative that a fair and competitive market be maintained in the U.S. stock and option markets.