Subject: Rule Filing SR-NASD-98-21
Date:    3/30/98 11:39 AM
     
     
Dear Mr. Katz,

In commenting on the Actual Size Rule my first thought is the fact that 
mandatory size is not required on any other exchange. Beyond that, I 
believe the pilot project clearly showed no adverse effects on the 
marketplace. Furthermore, with the introduction of the SEC Order 
Handling Rules any investor, regardless of size, can dictate the inside 
quote, reflecting desired size. Speaking with my Market-Making hat on, I 
also believe this Rule will address one inequity between Market-Makers 
and ECN's, by basically leveling the playing field, (at least as far as 
size is concerned). Last, but not least, in my opinion, the main 
benefactors of mandatory size have been professional traders, which is 
not beneficial to the marketplace as a whole.

Sincerely,

Michael Barone
Manager, Nasdaq Trading
William Blair & Co.
Chicago, Ill.