Date:    03/25/2000  2:05 PM

Subject: Regulation FD comment-File No. S7-31-99

March 25, 2000
     
As an individual investor and options trader I support the proposed 
Regulation FD. The efforts of the SEC to "level the playing field" for 
individual investor have been opposed by the securities industry almost 
every time it makes an effort to eliminate abuse, most of the time under the 
guise of protecting the investors. In reality it is merely to protect their 
profits, which have been impacted by a number of reforms implemented by the 
SEC in recent years. It is understandable that they oppose these changes. 
However, it is absurd that the abusive insider trading has been allowed to 
continue for this long. The transparency of the SIA's Mr Kaswell's 
arguements in opposing Regulation FD is obvious. Pretending that the 
investing public needs the self serving opinions of many analysts to make 
informed judgements is ludicrous.
     
The internet has changed the way that individuals invest and trade in the 
stock market. The speed at which information is now available has increased 
greatly and will continue to do so. ECN's have changed the way trades are 
made and have greatly enhanced liquidity. Pre-market and after-hours trading 
needs to be made available to all investors, not just those with access to 
these ECNs. The IPO market must be opened to all the public, perhaps by 
limiting the number of shares available to any one entity. Leveling the 
playing field for the individual investor is going to be a difficult task 
for the SEC to achieve, and their efforts can be expected to be opposed by 
the securities industry on many issues. The speed at which reform takes 
place needs to be picked up as well.
     
I applaud the efforts of the SEC to give individual investors a better 
chance to benefit from investing in the stock market.  The changes in the 
rules of execution have been a benefit to investors. Hopefully the SEC can 
step up it's efforts to reform the options market as well.
     
Sincerely,
Thomas Dowell