Subject: File No. S7-10-04
From: Douglas E McQuade

June 28, 2004

I am very concerned about proposed changes to the trade through rule, and the possibility of some firms and institutions to opt-out.
It seems to me that the objective of a small group of wealthy, and maybe soon to be much more so indivduals at brokerage firms and institutions believe they have found a way to enrich their bottom line at the expense of the public, as usual.
If they prevail in this endeavor, we will see internalization of order flow to such a degree as to deliquify our markets and make Europe the crown jewel of equity trading.
We are being sold a pig in a poke under the guise of speed and fast markets
As you ponder your decision I beg you,leave the hammer in the drawer