Subject: File No. SR-ISE-2006-23
From: Robert Yuille

June 22, 2006

I strongly believe that this rule change would create a much more illiquid market, and negatively affect customers. Customers should not be penalized for how they put on or liquidate positions. Cancellation fees themselves seem very improper themselves, without making it harder. In the end, this will just push out the small trader, and let the bigger firms who can absorb the pain of cancellation fees flourish. Please reject this proposal, and furthermore rethink the consequences of cancellation fees in general.