Subject: S7-16-97
Date:    3/13/98 6:55 AM
     
     
Dear Madam and Sir:
     
This is a belated response.  A three-tier system may decrease 
accessibility of reliable trading system by small investors.  I would 
prefer SEC to revise and update it's current regulations with respect 
to technology development, but keep the present control hierarchy.
     
Foreign entities whom acquire more than certain percentage of its 
finance from the U.S. should be required to file disclosure with the 
SEC, preferably in electronic format.
     
Sincerely,

--Norman K. Ma
--6428 Dunmoor Drive
--Plano, TX 75093