Sent: Tuesday, December 23, 2003 4:34 PM
Subject: S7-23-03

417 5th Ave
                                        NY, NY  10016


Mr.. Jonathan G. Katz
Securities and Exchange Commission
450 Fifth Street, NW
Washington, DC  20549-0609

RE: File # S7-23-03

Dear Mr.. Katz:

I am writing this letter to express my dismay with all of the
proposals of Regulation SHO and the effects it will have upon
enacting short sales in the NASDAQ and NYSE markets.
Specifically, the new uniform bid test rule completely
contradicts the SEC's initiative of a fair and orderly market.  I
believe the general public and smaller proprietary traders are
put at a disadvantage.

I am currently a Registered Representative for Trillium Trading,
specializing in OTC stocks.  Previously, I was an active day
trader, trading my own personal account.  The proposed bid test
rule will unfairly limit all non-market making traders' ability
to sell a stock short.  Meanwhile, major brokerage houses would
be exempt from the rule.  Only an experienced trader can truly
understand the magnitude of the advantage that this would afford
to large market making firms.

There is a lack of evidence as to what the effects of short
selling are in the markets.  I estimate that more than 80% of my
trades are long, but I still feel that short selling is an
essential part of an efficient and orderly market. Short sellers
provide a tremendous amount of liquidity to the markets.
Following almost three years of dismal trading volume, I believe
that it would be a mistake to implement any rule that may hurt
volumes.  Most trades these days (including those placed by
market makers) are executed anonymously through ECN's.  Any
trader who is bidding for a stock is indicating his desire to buy
atthat price.  He shouldn't care if he buys from someone who is
long or short, as long as his order gets filled.  This rule will
make it harder to purchase stock.

Hopefully, an improving economy will draw small investors back
into stocks. Passing this regulation will make it harder to
purchase stock at reasonable prices, adversely affect trading
volume, and give a tremendous unfair advantage to large brokerage
houses.



  Thank You,


   Kenneth J. Garby