From: Sinan Selcuk [smselcuk@hotmail.com] Sent: Monday, January 05, 2004 11:04 AM To: rule-comments@sec.gov Subject: SHO comments (s7-23-03) December 24th, 2003 Mr. Jonathan G Katz Securities and Exchange Commission 450 Fifth Street, NW Washington, DC 20549-0609 Dear Mr. Katz, My purpose in writing to you is to offer my comments on the proposed Regulation SHO. As a registered principle with over five years of experience I firmly believe that any rules or regulations that limit the short selling activities of market participants negatively affect the fairness and the efficiency of our equities markets. By introducing yet another rule that will at times prohibit transactions between a willing buyer and a willing seller SEC will have once again greatly harmed the fairness and the liquidity of our markets. Throughout my five years of active trading in both listed and over the counter equit ies I cannot remember a time at which I wanted to buy a security but cared about whether I bought it from someone who was long the security or if I was buying it from someone who was selling it short. I firmly believe that most market participants would never care whether it is a short seller selling them the stock or if it is someone who already owns the security. I believe that as long as the short seller has successfully located and borrowed the security he/she is selling the transaction should not be limited by any additional rule or regulation. I am confident that the pilot program that exempts a third of the Russell 1000 Indexâ€(tm)s most traded stocks will yield great results. A move towards a freer market is a step in the right direction while introducing more rules is just another step towards over-regulation. Sinan Selcuk &n bsp; Registered Principle &nbs p; Trillium Trading LLC 417 Fifth Avenue ; New York, NY 10016 -------------------------------------------------------------------------------- Working moms: Find helpful tips here on managing kids, home, work - and yourself.