Subject: File No. S7-06-04
From: Bruce E Brown

June 20, 2004

As both an individual equity investor as well as equity investor through the mutual fund industry, I hereby submit to the SEC that I think they should NOT change their current trade-through rule.

This rule is simply a easily understood, logical method to insure that my market purchase will execute at the lowest available price. Modification or loss of this rule will equalte to a loss of this confidence.

As a mutual fund holder, I also do not support any modification of the trade-through rule for this industry, even if the modification is only applicable to them. This industry has only recently show how they cant be trusted.

I for one am willing to exchange the purported loss of nano-seconds in the execution of trades to insure that the markets are required to operate in the least costly manner to the investor.