January 6, 2005

The trade thru rules insures all investors that they will receive the best price or will receive price improvement. To listen to critics of the trade thru rule say that this rule unfairly advantages the New York Stock Exchange holds no validity. Anyone is free to place a bid or offer better then the existing market to attract order flow, but does not simply because they are unwilling to risk there capital.

Thank you,

Daniel P. Kryger