Subject: File No. S7-05-04
From: Thomas J Westgard, Esq

February 23, 2004

This rule should be approved to assist the SEC with funding. The SEC is desperately underfunded and understaffed, and this rule would be an administrative benefit to the agency in that regard. SEC enforcement causes minimal detriment to trading firms, when compared to the scope of harm arising from lack of oversight. The rule should be approved.