From: Mark.Cashion@micorp.com
Sent: Thursday, March 06, 2003 5:54 PM
To: rule-comments@sec.gov
Subject: SR-DTC-2003-02

The following are concerns on the above File no:  concerning Requests for
Withdrawal of Certificates by Issuers.
I support the rule change based on the following:

Increasing physical certificates in circulation would increase risk in
trading activity;  Trades would not settle within the standard 3 days,
physical checks or wires would be required and agent costs would increase
due to increased volume.  This also would delay trading opportunities in
the event a certificate needs to re-registered prior to a sale.

In regards to  Corporate Actions, risks would substantially increase due to
the forms required on a voluntary offer  and the mailing of potential high
value positions.  Also  physical certificates would reduce the time period
to allow a response on a voluntary offer since it takes longer to complete
and submit forms.

Income from physical certificates would be delayed based on mailing or
wiring of  payments.

The movement to straight through processing which will increase efficiency
and reduce risk would be discontinued.   Investors would bear the impact on
all of these issues They currently have the flexibility to trade a security
at any time and with the currently market environment this is critical to
an investor.  Also investors would lose the immediate reinvestment of
income received and longer periods of time to consider corporate action
options.