Subject: File No. S7-10-05
From: James L Reilly, Mr

January 4, 2006

I see this as a way for brokerages to save money, but distribute the savings as bonuses to its people, rather than give it back to the investors. The bottom line would still be the same on their books, but the people getting the most benefit out of this would be the people who are already being compensated the most.