From: MMCA5648@aol.com
Sent: Monday, June 07, 2004 12:25 PM
To: Rule-Comments@sec.gov
Subject: NMS (s7-10-04)

Some thoughts

1. Without a trade through rule what would be the new criteria for best 
execution? 

2. Dealer rebate (Payment for order flow) has been suggested, as it benefits the 
individual investor. This is not even remarkable and an insult to the 
intelligence of the Commission. 

3. The 2 way auction market has been referred to as a maybe or not certain 
market. If specialists were required to stop any marketable order up to the size 
of the best prevailing bid or offer (when it is held up for price improvement)  
that would remove any uncertainty.

4. I cannot find any justification for any form of an OPT-OUT. This provision 
would  destroy the integrity of our markets. 

5.   Trade through rules protect best price for the investor and give our nation 
the ability to compete economically in an increasingly global arena. 

6. The removal of the trade through rule will result in fragmentation of our 
markets, abuse of the system and not accomplish the intended goal of 
competition. We are going through a time of new rules, designed to correct 
abuses, that have lead to unforeseen results. They have been costly, inhibiting 
and hurt our ability to attract foreign listings. There is nothing less at stake 
than our nations ability to maintain its presence as the global market of 
choice.

7. We need to foster competition in our markets that is driven by quality of 
execution. Speed and other components, that are being mentioned, are important 
to quality but become empty without the foundation of best price protection for 
investors.



                                                              
                                           Thank you

                                           Michele Trevor