Subject: File No. S7-08-09
From: David L Spurr

February 21, 2010

I'm against any rules which inhibit price discovery by setting artificial limits on price.

Price is supposed to represent pure supply and demand. It is the point that buyers are willing to step in and buy and sellers are glad to sell.

If there are more sellers than buyers then price moves lower and conversely, more buyers than sellers - price moves higher.

Regulation of price in markets will only serve to delay price discovery. Price should be allowed to find it's level on its' own. If individual investors cannot tolerate the volatility in the markets, then perhaps they should think more about their asset allocation and consider reducing exposures to various asset classes creating the volatility.

Trying to legislate limits to price movements is WRONG and should be seriously re-considered. Volatility is the culprit and the causes of volatility need to be studied. Rapid price change is the result of volatility.

I think efforts should be made to understand price volatility and it's causes - volatility erupts mainly due to lack of transparency. Dark Pools are allowed to transact business off exchange - when risks become too great for parties participating in Dark pools, then the trades find their way to the exchange. All trades should be cleared through the exchange (stocks,derivatives,bonds), so that investors can feel confident that the current price on an exchange is always the BEST reflection of value at that time.

Attempts to limit price discovery such as up-tick and down tick rules will only serve to inhibit price discovery and make the realization of "true value" more difficult for the individual investor to ascertain.