Subject: File No. SR-NYSE-2011-55
From: Ullrich Fischer
Affiliation: CTO, PairCo

November 28, 2011

This proposal will lead to more unfair advantages for locally connected traders vs the rest of us. The existing fragmentation of the market due to dark pools and the problem of sub penny front running by priviledged trading organizations has already lead to a significant loss of liquidity. If NYSE is allowed to essentially become its own dark pool, this will only make for less liquidity. The end result will be high frequency traders trading with each other and ultimately, the death of the stock market as its movements become even more remote from the fundamental value factors which supposedly determine the value of equities.