Subject: Rule Filing SR-NASD-98-21
Date:    4/13/98 6:13 PM
     
     
As a public customer of the NASDAQ and a frequent stock trader, I am 
strongly opposed to allowing market makers to continue to quote NASDAQ 
stocks as low as 100 shares. Just as SOES customers are limited to 1,000 
shares, market makers should be required to bid or offer the same 
quantity at a minimum.
     
Since this 100 share pilot program began in January 1997, the effective 
spread has been significantly increased and, for the stocks which I 
routinely trade,  market liquidity has been reduced. In addition, it is 
obvious to even a casual observer that the market makers consistently 
block their quotes from SOES executions through the use of ECNs. This is 
nothing more than overt market manipulation.
     
It appears to me that adoption of the 100 share quote rule will only 
serve to enrich the market makers at the expense of the general public.