Subject: File No. S7-08-09
From: Richard Gerdy

August 27, 2009

To the Securities and Exchange Commission
A comment on the Alternative Uptick Rule:

What is essential is that all avenues of short sale execution are effected equally or the rule should not be enacted.

When the SEC approved regulation SHO, they essentially democratized short selling by allowing investors to sell short using common stock, while sophisticated traders used additional trading vehicles.

In debating whether all vehicles or trading instruments should be effected, a review of the "Brady Commission Report on the 1987 Crash" is warranted.