From: bill j deligiannis [billjdeligiannis@yahoo.com]
Sent: Wednesday, October 31, 2001 4:55 PM
To: rule-comments@sec.gov
Subject: Super SOES reserve size display requirement

Dear Sir/Madame,

I am writing to you in regards to NASDAQ Head Trader
Alert #2001-158.  This is the proposed super soes
reserve size display requirement. Allowing
marketmakers to display only 100 shares when they may
hold thousands of shares, is misleading.


I disagree with this proposed change for a variety of
reasons:

1) The Depth of the markets will be affected. (i.e. if
one has an order to buy 5000 shares and 1 marketmaker
on the offer shows that he only has 100 to sell, the
buyer may have to pay through the offer (  pay a
higher price)in order to buy all stock.  Whereas if
the buyer sees a 1000 shares on the offer, he will
have a stronger indication that there is size to trade
against. This proposed changed may increase the amount
of fractured orders being filled.

2) The Transparency of the market is affected.  A
clearer picture of the true bid or offer is not
provided for by this proposed change. 

Please reconsider this proposed rule change and
maintain the rules established when SUPER SOES was
established.

Thank You,

Bill J Deligiannis
(Andover Trading)



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