MEMORANDUM

January 23, 2003

TO:	Files
FROM:	Luis de la Torre Counsel to Commissioner Goldschmid
RE:	Notice of Filing of a Proposed Rule Change by the New York Stock Exchange, Inc. Relating to the Dissemination of Liquidity Quotations

On January 17, Gregory R. Babyak of Bloomberg and Roger D. Blanc of Willkie Farr & Gallagher met with Luis de la Torre, counsel to Commissioner Harvey J. Goldschmid. The discussion concerned the Notice of Filing of a Proposed Rule Change by the New York Stock Exchange, Inc. Relating to the Dissemination of Liquidity Quotations, Release No. 34-4091, File No. SR-NYSE-2002-55 (Dec. 23, 2002). Mr. Babyak and Mr. Blanc expressed the views contained in Bloomberg's comment letters, dated December 16, 2002 and January 23, 2003, on this matter.