From: rick hallas [rickhallas@hotmail.com]
Sent: Tuesday, September 09, 2003 5:21 PM
To: rule-comments@sec.gov
Subject: Re: BOX - SR-BSE-2002-15

Gentlemen:

I am all for approval of the new BOX.  I think it's a great idea.  It's a 
great thing for "the little guy" to possibly get price improvement on option 
transactions.  Oftentimes stocks, even high priced stocks, have a spread of 
only a penny between the bid and ask, and yet options on these stocks often 
have spreads of 20 to 30 cents and more which as you know works out to $20 
to $30 per option.  It is a bad and dangerous thing to buy an option for 
$300 plus commission and immediately be "down" $20 plus two commissions 
because the bid is $280.  It would be wonderful to be able to execute trades 
between $280 and $300 on that option, and if the BOX with its PIP can offer 
me that opportunity, I say "Hooray!  Let's do it!"

Richard Hallas
Clovis, CA