Subject: File No.
From: robert l vinson
Affiliation: registered rep.

October 27, 2010

allowing brokers to set their own commissions amounts to little more than rebating. there is a discount already for volume buying. the average rep. could not afford to take on small clients who would be shopping the best rate but not getting the best service,i.e. an indexed fund could have cheaper rates without being managed but would that be the best for each client?