From: jrl1155@netzero.net
Sent: Saturday, September 13, 2003 9:24 PM
To: rule-comments@sec.gov
Subject: Re: BOX - SR-BSE-2002-15

DEAR SIR: 

I AM AN INDIVIDUAL INVESTOR WHO HAS EMPLOYED THE USE OF 
STOCK EQUITY AND EQUITY-INDEX OPTIONS TO PROTECT MY RETIREMENT PORTFOLIO 
AGAINST POSSIBLE LOSSES FOR MANY YEARS. THE NUMBER OF OPTIONS I HAVE IN 
EFFECT AT ANY ONE TIME IS A VERY SMALL AMOUNT,USUALLY UNDER [5] FIVE. AS 
A RESULT OF THESE SMALL QUANTITIES, I AM A CAPTIVE TO THE BID/ASK SPREAD 
AND FIND IT VERY DIFFICULT TO SECURE REASONABLE PRICING. THE AVAILABILITY 
OF THE BOX EXCHANGE WILL UNQUESTIONABLY ALLOW ME TO PROTECT MY RETIREMENT 
ASSETS IN A MUCH MORE COST-EFFECTIVE AND EFFICIENT MANNER. I VERY MUCH LOOK 
FORWARD TO ITS AVAILABILITY.                                                

SINCERELY,  

JOSEPH LOMBARDI