From: Charles M. Steiner [cmsteiner@juno.com]
Sent: Wednesday, September 03, 2003 12:53 AM
To: rule-comments@sec.gov
Subject: Re: BOX - SR-BSE-2002-15

Dear Mr. Katz:

I am a public trader of equity options and wish to thank the SEC for
attempting to level the playing field for public option traders. 

The SEC show or fill rule has allowed me to make trades between the mile
wide bid/ask spreads which benefits and unjustly enriches the option market 
makers who are on both sides of the market, preventing the public from 
trading with each other.

In many instances the exchanges fail to show or fill my orders in
violation of the rule and I respectfully request that your regulatory arm 
enforce the rule and require compliance. To press the issue, sometimes I 
enter multiple single option orders spaced more than a minute apart
to broadcast that the rule is not being followed in an effort to get the
attention of the market makers who control and manipulate the option market.

My wish is that 24/7 electronic option trading will be implemented in my
lifetime, allowing free access to the option markets in the same manner 
that GLOBEX allows world wide access to the futures markets.

A step in this direction would be the approval of the subject rule and
the implementation of PIP which would further level the playing field for 
the public.  The .05 spread for options< 3.00 and .10 spread for options 
>3.00 do not make sense in this age of decimalization.  Actively traded
instruments have .01 bid/asked spreads in other markets and it should be
the same with options. I support the complete removal of the .05 and .10 
minimum option bid/ask spreads, the elimination of floor trading, the 
elimination of specialists and 100% electronic 24/7 option trading.

Option trading should enjoy the same benefits as electronic trading on
Island and other electronic exchanges which have leveled the playing field 
for securities traders and the approval of the subject rules for BOX is a 
step in the right direction for the reform, transformation and modernization
of the options market.

                                                                     
Very truly yours,

Charles M. Steiner, Sarasota, FL