Subject: File No. S7-08-09
From: Xenia Vieth

May 5, 2009

Restore the up-tick rule as previously implemented.

The recent change to the up-tick rule exposed the market to unwarranted volatility and naked short selling. Many companies, such Bear, Lehmann, Merrill, and Bank of America experienced extreme price volatility that was not warranted by actual company performance. The prior rule allowed for orderly short selling by market makers and contained sufficient controls.