From: Franco Mortarotti
Sent: December 11, 2006
Subject: File No. SR-NASD-2007-023

Dear Sirs;

We would like to lodge our concern for the recent announcement of the proposed merger of the NASD and the NYSE regulatory boards. We feel that such sweeping changes, in such a quick time, shows a lack of concern for the very goal these two boards bring to the table. We think that maintaining liabilities in two camps far out ways any cost benefits. Further, the voting rights of the smaller firms will be decreased, and destabilize the soundness and equal weighting in the market place. We are against any proposed merger.


Franco Mortarotti
Zermatt Capital Management