Subject: File No. S7-08-09
From: William J Leach

May 5, 2009

I think it makes sense to reinstate "The Uptick Rule." We had no problems with the rule prior to it's change. The " Modified Uptick Rule" makes no sense to me. Why would you allow a stock to be manipulated down a certain percentage, especially a ten percent stop? That kind of thing can happen in a day, so what will happen the next day and the next? If something is simple and works, why would you change it? Could it be to have more transactions in the market place, which results in the exchanges making more money? What about the shareholders?

You should also look into the Naked short selling, and improve your procedures in catching wrong doers You are
important to us shareholders, and we have to trust that you are responsible to protect us against greed?