MEMORANDUMNovember 18, 2004 | |
| TO: | Files- Regulation NMS File No. S7-10-04 |
| FROM: | Joseph A. Hall |
| RE: | Meeting with Instinet |
| On November 18, 2004, the Chairman and staff met with representatives of Instinet Group Incorporated. During the meeting, Instinet representatives discussed matters raised in their comment letter on Regulation NMS, particularly with regard to their view that a trade-through rule should not apply to Nasdaq securities. | |