Subject: File No. SR-NMS-4-429
From: David G Funk, Ph.D

December 2, 2004

I am an individual investor. I regularly place moderate stock purchase and sale orders, and related options orders.

I strongly support linkage of all NMS exchanges and particularly, the options exchanges, for best price execution.

I am aware of payment for order flow, and feel this practice, even if disclosed and agreed to, is contrary to the investors best interest.

I also feel it can result in undisclosed, unevenly allocated costs to the individual investor. I believe that options exchange linkage, and best price execution, is in the interest of the investor, and strongly support same.