Sean Stephenson         
3235 E. Camelback Rd. #215      
Phoenix, AZ. 85018
     
April 13, 1998
     
Mr. Jonathan Katz
Secretary
Securities and Exchange Commission
Judiciary Plaza
450 5th Street, N.W.
Washington, D.C.  20549
     
RE: File No. SR-NASD-98-21
     
Dear Mr. Katz:
     
To Whom it May Concern:
     
I am an individual investor that has been trading the market for many 
years. Over the years I feel the market has made significant changes to 
help the individual investors. However, I feel with this new proposal 
the individual investor is the one that is going to suffer the most. 
Market makers not only have easier access to the markets, but with the 
amounts of capital they trade with, I do not feel that they need any 
more advantages over the little guy. This proposal affects the market 
very negatively there is no more easy flow and in times of crisis it 
will make it impossible to enter or exit a trade unless you are a market 
maker. The SOES system was developed specifically for this reason, and 
this new proposal pretty much wipes out SOES. I feel it is your 
responsibility and necessary for your branch to protect the individual 
investor. Because without us there is no you!!
     
     
     
Sincerely and Respectfully yours,