Subject: File No. SR-NYSE-2011-55
From: Wayne Koch
Affiliation: Trader, Bright Trading

November 29, 2011

Traders displaying liquidity are providing a valuable service to the market, insofar as they narrow the bid/ask spread and create a transparent market environment. In return, we expect that as part of this transparent market, the best bid/offer will receive priority treatment.

Allowing insiders to jump in front of displayed liquidity wrongly affords them all the benefits of being a liquidity provider, while simultaneously avoiding the attendant risks.

The ultimate result is easy to predict: less liquid markets and widening spreads.