January 6, 2005

The European markets have been consolidating for years, they are down to a handful of hungry and aggressive participants. They have been looking for a way to get a toehold in the vast US equity arena. The CLOB-like aspect of the SEC proposal would reconfigure US markets to fit all European markets like a hand and glove. Implementation of the CLOB would offer those European markets more than a welcome mat. IT WOULD HAND THEM THE HOUSE KEYS. Please once again as we have in the past vote down this proposal.

Thank you for your time,

Daniel P. Kryger