MEMORANDUM

TO:	File No. S7-10-04
FROM:	Heather Seidel Division of Market Regulation
DATE:	February 10, 2005
SUBJECT:	Meeting with Representatives of UBS

On February 2, 2005, staff of the Division of Market Regulation met with Daniel B. Coleman, Larry Leibowitz, and Linda Lord of UBS. The representatives of UBS discussed their views on reproposed Regulation NMS as outlined in their comment letter on reproposed Regulation NMS.