Subject: File No. S7-08-09
From: Roy S Felt man
Affiliation: retired broker

May 6, 2009

In the years I spent in the brokerage business the uptick rule was enforced. At that time the realtion between the broker and the customer was inclined to favor the broker. In the past several years the size of the broker or institution has greatly grown to overwhelm the brokerage community and rampant short selling naked has distorted markets greatly. Taking the case of General Electric as an example, when the stock pierced the $10 level, forced selling by institutional holders was required as many are not allowed to hold securities priced below $10.

The growth of hedge funds, private equity funds and like organizations has altered realtions with the brokerage cummunity and distorted trading practice.