Linsco/Private Ledger Corp.
One Beacon Street, 22^nd Floor
Boston, MA 02108-3106

December 23, 2003

Secretary, Securities and Exchange Commission
450 Fifth Street NW
Washington, DC 20549-0609

Re: File No. SR-NSCC-2003-21

Dear Sir:

We respectfully submit this letter in response to the request for comments to Release No. 34-48846:  Notice of Proposed Rule Change Relating to the Separately Managed Accounts Service, SR-NSCC-2003-21.

LPL supports the NSCC initiative to develop an industry solution for an operational infrastructure/interface that can support the projected growth of the separately managed accounts industry.

Sincerely,

David J. Freniere, Senior Vice President & Assistant General Counsel, Linsco/Private Ledger Corp.

Copy to:

Stephanie Brown, Managing Director & General Counsel, Linsco/Private Ledger Corp.
Mark G. Lopez, Managing Director, Linsco/Private Ledger Corp.