Subject: FINRA Response to NASD-2007-029

December 06, 2007


We wanted to touch base with you regarding the pending FINRA response to the SEC based on the comments received to SR-NASD-2007-029 and our discussions with both the staff of FINRA and the SEC. We understand the response awaits your final approval.

As you know, this month marks the third anniversary of Archipelago originally bringing the issue to the staff’s attention, identifying the unique impact such restrictions have on our firm. Additionally, we are now two years removed from the NASD’s original proposal (SR-NASD-2005-101) to make corrective measures in relation to the matter.

We appreciate your time and consideration of the issue, and we believe the compromise contemplated within NASD-2007-029 appropriately reflects (1) the recognition of an ATS’s role within this marketplace and (2) a parallel advancement with that of Reg NMS.

Please let us know if we may be of more assistance as this matter moves forward with the SEC. Thanks in advance.

Best regards and happy holidays,


Greg O'Connor
NYSE Euronext