From: sstinc@woconnor.com
Sent: Tuesday, February 11, 2003 2:36 PM
To: rule-comments@sec.gov
Subject: SR-BSE-2002-15

 
February 11, 2003
 
Securities and Exchange Commission
Washington D.C.


Dear Commissioner,

    Please help stop the erosion of the centralization of the equity 
options industry. We are opposed to the idea of another entity being 
approved to 'pile on' and trade equity option classes that already are  
mulitply listed. Furthermore, allowing an exchange like the proposed 
'BOX' exchange to appear on the landscape will hinder the ability of 
the marketplace and customers to act ratrionally or be treated fairly.  
Already Mr. Pitt has signaled his disgust with internalization, payment 
for order flow and special arrangements which deter from the customers 
fair treatment.  The BOX will enhance all tose undesirable effects.  
Automated 'pennying of bids and offers will detract from the rational 
pricing and hence the liquidity of the marketplace.

    Complicating the issue is the reality that the BOX players will be 
trying to garner flow by payment means which puts the orderflow providers 
interest above and beyond their customers.

  Sincerely, 
  
  John Colletti of Samuelson Trading at the CBOE.