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U.S. Securities and Exchange Commission

The following comment on Letter Type A,
or variations thereof, was submitted by
6 individuals or entities on S7-10-04.

Letter Type A:

Hon. William H. Donaldson, Chairman
U.S.Securities and Exchange Commission
450 First Street, NW
Washington, DC 20549

RE: File s7-10-04

Dear ChairmanDonaldson:

As an investor in a 401K Retirement Plan, I am pleased the SEC has included provisions in Regulation NMS that will increase investor choice in the national securities markets.

My 401K is managed solely for the purpose of preparing for retirement; therefore, it is very important that these funds be managed well and that factors such as certainty of execution, speed of execution and of course best price be taken into account when trades are made for my account.

For these reason, I support a strong opt-out provision for the outdated trade-through rule. While well-intentioned and sensible decades ago, the bade through rule assumes that only one variable -advertised price -determines the quality of the deal for thc investor. As I mentioned other factors such as speed and certainty of execution geatly influence the end result and investors should determine how our orders are executed. Furthermore, the advent of the electronic marketplace has greatly lessened the need for the trade-through rule since the market is transparent and real time pricing is available to all investors.

The proposed modification to the trade-through rule would allow investors to opt out if they believe forgoing a certain transaction in favor of a better advertised price is not in their best interest. With my retirement funds riding on the investment decisions and trades made in my 401K plan, I encourage you to promulgate a strong opt-out provision to ensure maximum flexibility for the investor.



Modified: 05/18/2004