From: Wie-Ming Ang [WieMingAng@comcast.net]
Sent: Tuesday, September 02, 2003 5:24 PM
To: rule-comments@sec.gov
Subject: Re: BOX - SR-BSE-2002-15

Dear Mr. Katz,

I am a private investor and I read about the Price Improvement Period (PIP) 
for the Boston Option Exchange (BOX) new rules under your consideration.  I 
think this feature is beneficial to million of investors like me.  

Through decimation, the bid-ask spread for stock security has reduced down 
to 1 cent, which benefit every investor.  However, the bid-spread for option 
remain at 5 cents, which benefit only the entrench option exchanges.  This 
5 cents spread constitute a 2.5%-5% lost for an option worth 1-2 dollar.  And 
when an option investors close out a position, they pay another 2.5%-5% because 
of the 5 cents spread.  Even before an investment strategy bears fruit, an 
option investor was charged 5-10%.  This is an outrageous fee for an investor 
to take a risk.  

Meanwhile, option exchanges were rewarded 5%-10% of investor capital for taking 
no risk and simply providing the so called "liquidity" to the investor.  I think 
it is time for true free market to provide the true liquidity and reduces the 
bid-ask spread for option.  It is time to let the free market invincible hands 
reduces the bid-ask spread for option.  At the very least, BOX and the PIP would 
provide a new competition.  

Please consider the need of public investor first and approve BOX and the BOX 
rules.  Thank you very much for your attention.

Regards,
Wie-Ming Ang
Private Investor