Subject: File No. SR-NASDAQ-2006-013
From: Ghassan E Karam
Affiliation: Professor of Economics, Pace University

December 22, 2006

Efficiency, the whole mark of a market economy,rests on a number of seminal assumptions, one of which is perfect knowledge. If the stock exchanges are allowed to privatize market data then that is tantamount to erecting a major barrier in the free flow of information that is the life blood of an efficient market.

There is only one way to view such valuable information, it is a free public good and must be treated as such. Anything short of that is discriminatory