Subject: A helpful comment

July 21, 2008

As a public customer, if I want to short 100 shares JPM, I must go through a possible 20 minute ritual in order to get pre-borrow permission. The firm told me it doesn't matter if it is 99 shares or 100,000. We each have to go through the same processl.

The effect is that all small traders will simply stop trading , while the large traders will be able to afford the long pre-approval trading process.

This is the exact opposite of what is suppose to happen. Small traders don't influence stock prices, while large trades can have an effect on prices.

The SEC's policy really conflicts with their own goal.

Thank you.