Subject: File No. SR-CBOE-2010-040
From: Dave Anselmini

Jun. 11, 2010

Hello Giulia,

The cancel fee issue has not gone away. Regular accounts are still subject to fees. In penny pilot issues these fees are hugely out of line at $2/cancel. If entering over 390 orders per day a regular customer becomes a pro. However, being put under a professional designation and charging outrageous pass-thrus is not an equitable solution.

This is a serious situation that I think will have the effect of another flash crash if regular investors are not there to provide liquidity in the market when it is needed.


Disappearing competition.