Subject: File No. 10-222
From: Mike Bowcott
Affiliation: Advisor

December 9, 2015

It is an illusion that HFT's scalping pennies provide liquidity for investors. At times of stress, they are nowhere to be seen. We buy and sell equities on behalf of individual investors and we are being scalped and abused on a scale that is negligible to the individual investors but collectively cost millions each day. Why? Why do you allow this to occur when there is ample evidence to suggest that you are supporting a money making enterprise that provides no public good. You have changed the rules to accommodate them and now you are faced with a decision that should be decided by market participants. Give us back our freedom to choose where we want to trade. If it fails, it will fail because the current system is better. If it succeeds, I rest my case.

Do the right thing.