From: Paul Fred [paulfred31@yahoo.com]
Sent: Friday, January 24, 2003 12:55 PM
To: rule-comments@sec.gov
Subject: SR-BSE-2002-15, Boston Stock Exchange, Inc. Filing 
to Establish Trading Rules for the Boston Options Exchange Facility

January 24, 2003 

Mr. Jonathan G. Katz
Securities and Exchange Commision
450 5th St., NW
Washington, DC 20549-0609

Dear Mr. Katz:

Re: SR-BSE-2002-15, Boston Stock Exchange, Inc. Filing to Establish 
Trading Rules for the Boston Options Exchange Facility 

I am CEO of a trading firm that trades slightly more than 1% of the 
volume of all US listed equity options.  I am writing in support of the 
BOX exchange. 

In particular we are pleased that it is:

1.       Anonymous and therefore there is no anti-competitive pressure 
from the crowd or the specialist.

2.       A truly level playing field for all market participants meaning 
that time and price are the only considerations in competing.

3.       I believe that the BOX structure is superior to what now exists 
and will lead to a better, fairer more efficient  market-place for all 
participants, but particularly for retail customers.

Sincerely,

Paul Fred
CEO PFTC Trading, LLC.