M E M O R A N D U M

TO:	File No. S7-10-04
FROM:	Mary S. Head
DATE:	January 7, 2005
RE:	Meeting with UBS Securities LLC

On December 10, 2004, Commissioner Glassman and her counsel, Mary S. Head, met with Daniel Coleman, Lawrence Leibowitz and Linda Lord, Esq., of UBS Securities LLC to discuss the views on proposed Regulation NMS set forth in UBS' comment letter dated June 30, 2004.