July 21, 2006
Nancy M. Morris, Esq.
Secretary
United States Securities and Exchange Commission
RE: File No. NYSE 2006-46:Proposal to revise equity transaction fees
Dear Ms. Morris,
I am writing the commission in reponse to the NYSE proposal to revise the transaction fees on the New York Stock Exchange. I strongly urge you not to approve this proposal.
I have been an independent floor broker on the NYSE for 16 years. I currently have 6 employees working with me. My firm executes trades for varying types of customers (buy side, sell side, non member broker dealers, pension funds, etc.)
If this new fee proposal is approved, my transaction cost will increase by 230%. This increase will put my firm in financial peril and very well might force me out of business altogether.
I have been soliciting a valuable service to my customers for 16 years and want to continue to do so. Do not let the NYSE force me out of business because of an unevenly applied and arbitrary pricing structure.
Respectfully submitted,
David M. Elias, CEO