Subject: File No. SR-NASD-2007-023
From: Robert Keenan
Affiliation: CEO, St Bernard Financial Services, Inc.

April 13, 2007

I am strongly against the merger of the NASD and NYSE because of the way the new by-laws are written.

The new Self Regulatory Organization would lose its ability to be governed by its members because the new by-laws are written to make the majority of the board self elected. This loss of one firm, one vote is absolutely against everything our country was founded on.

Its almost like having the U.S. Senate vote to elect itself.

The one firm, one vote rule has worked very well for 67 years, there should not be a change in it.

Please do not approve the merger.