Subject: File No. S7-10-04
From: Richard J Murphy, Jr

April 27, 2004

I believe much progress has been made recently to restore integrity and credibility to the equity markets. In particular, the NYSE has made grat strides in offering investors better choices. We must not lose sight of the fact that best price is still the cornerstone of the NYSE. The opt-out provision destroys that cornerstone and erodes our credibility with investors worldwide.