Subject: File No. S7-08-08
From: Vitaly Astistov
Affiliation: Student of Finance

May 20, 2008

Broker and dealers who are responsible for Fails To Deliver are exempt from the Rule 10b21 and, therefore, Naked Short Selling will continue. SEC can and should stop this practice. The stock Market should not resemble a lottery or a casino, where "the house always wins". It is an important mechanism to empower the developing economy, not just a select few individuals, protected by the loopholes in the regulations.