From: Marc Griffin [mgriffi8@netzero.com]
Sent: Wednesday, December 31, 2003 3:03 PM
To: rule-comments@sec.gov
Subject: file no. S7-23-03


December 26, 2003


Mr. Jonathan G. Katz
Securities and Exchange Commission
450Fifth Street, NW
Washington, DC 20549-0609


RE: File No. S7-23-03


Dear Mr. Katz:


I am writing in opposition of the uniform bid test proposed in Regulation SHO. 
During the past few years, I have been a portfolio manager and am currently a 
professional trader for Trillium Trading LLC. As such, I have experienced the 
recent state of the market and believe that the proposed bid test is out-dated 
in serving the needs and offering protection to the current market and its 
investors.

The use of a bid test rule was originally implemented as a response to the strong 
collapsing movements that wiped out the stock market in the late 20’s. However, 
the current market is so much more sophisticated that no such danger truly exists. 
On the other hand, we have seen how enforced inflation of the NASDAQ in 1999 
caused by traders pulling their offers higher and higher had an even more damaging 
effect when the next business cycle hit and prices were reevaluated.

Since unnatural movements in either direction not caused by market efficiency 
will have damaging effects to the market and its participants, I agree with the 
proposal in Regulation SHO that removes the bid test rule altogether in some 
stocks and allow market efficiency to dictate its course. To prevent a mutually 
desired transaction at the bid price for the buyer and the short seller is 
against the spirit of the open market.

Therefore, I strongly urge you to reconsider the new uniform bid test rule 
proposed in Regulation SHO and give even stronger considerations towards the 
removal of a bid test rule altogether.

Sincerely,


Marc Griffin