Sent: Friday, March 26, 2004 1:07 PM
Subject: File No. S7-23-03

To whom it may concern:

I am the managing member of SBA Trading, LLC and LTA Trading, LLC, both 
market making firms on the American Stock Exchange.  This letter is written 
to express our opposition to the proposed short sale rule.  We support the 
current exemption of market makers not being forced to locate stocks before 
shorting them.

This proposed rule would greatly inhibit broker dealers from making markets 
in many securities.

It would artificially temporarily inflate stock prices and make the stock 
market inefficient.  Allowing flexibility for shorting stocks promotes 
liquidity, efficiency, and an orderly market place.

Sincerely,


Scott Arenstein
Managing Member, SBA Trading, LLC and LTA Trading, LLC
241 Central Park West, 6E
NY, NY  10024

212-579-0731