Subject: File No. S7-11-23
From: suzanne hamlet shatto

Such pushback from the industry. brokers are custodians of cash for their cash customers. if they have to calculate cash requirements, this would take a short amount of time because they use computers. if they send their cash to another entity, they are sending cash in aggregate. they are not sending cash separately for each customer. they have computed how much to send, before they send it. they are already calculating this on a daily basis.