Subject: File No. S7-06-04
From: Michael D Lyman

March 24, 2004

I support requirements for brokers to show ALL sources of income from their customers.

I am reluctant to ask brokers directly about their income from my transactions.

If brokers were always required to show me the benefit to them of my transactions, I would feel more informed more willing to purchase.

Currently, I am reluctant to make purchases from brokers as I feel they may have a conflict of interest that is hidden from me.

I would be more willing to purchase investments if I felt confident in knowing the true transaction costs benefits to broker sellers.