Subject: File No. SR-NASD-2007-023
From: Corey N. Callaway
Affiliation: President of Callaway Financial Services, Inc.

April 13, 2007

I am against the proposed NYSE and NASD merger in its entirety. I find it suspect that the small firms, such as mine, will lose the one vote per one firm privilege upon the completion of the merger. The reason for my point of view is based upon the fact that the small firms have, over the past couple of years and past NASD elections, been proactive in our attempt to reverse, reduce or at least slow down the tremendous amount of regulation that has been burdening us for the last eight years or so. We have been slowly trying to gain more seats on the various boards and committees to voice our opinions and concerns. Just when the small firms were making marked progress in our attempts, we are punched in the gut with what is in our opinion the NASD's blatant attempt to prevent the small firms' voice from being heard. The NYSE does not affect my firm in any way or form, yet I will lose my voice once the merger is completed. The NASD has always stated it wanted all firms to participate in the regulatory and governing process. Yet, once we finally have participated and have gained momentum in doing so, we are about to be silenced forever as a minority on the new governing board.