Subject: short sale rules S7-20-08

July 30, 2008


As a 35 year veteran of Wall Street, I was pleased to see that the emergency restrictions on short sales were extended to August 12, 2008. It is my hope that this extension will give your staff time to evaluate the impact of the restrictions and that you will consider broadening the restrictions in the future. I also request that the Commission consider reinstituting the "uptick rule" that was in effect for several decades until its removal last year. Reinstatement of that rule, together with rigid enforcement of rules outlawing naked shortsales, could go a long way toward restoring stability and reducing volatility so evident in today's markets.

Thank you for the opportunity to communicate my views.

Sincerely, Laurence D Chapin