Subject: File No. S7-10-04
From: Thomas T. McCain

January 12, 2005

Ladies and Gentlemen:

The NYSE's future viability is in your hands as you rule on the pending National Market Structure regulations. As a member of the NYSE for 37 years, I strongly feel that enactment of a CLOB would further fractionalize the listed securities market and turn our agency auction market system into a government controlled utility, and I urge you to vote against it.

Competitive forces should determine the evolutionary outcome of our securities markets. The "Hybrid Market" now unfolding at the NYSE is a good example of the desirable route towards necessary change, meeting the Reg NMS criteria for faster order execution while keeping alive the human outcry auction market.

Very truly yours,

Thomas T. McCain