Date:    04/06/2000  9:19 PM

Subject: Disappointment as an investor

     
Dear SEC representative,
     
As an individual investor I am deeply disappointed that the SEC has 
permitted the NASDAQ to become such an investor-unfriendly market.  The 
market turbulence of April 4 has finally convinced me that the NASDAQ is 
severely biased in favor of market makers, at the great expense of the 
public.
     
Generally speaking, in times of market stress, there is a pathetic lack of 
liquidity on the Nasdaq stock market for all but the largest issues. 
Trading on April 4th only reinforced that point as market makers routinely 
showed 100 share bids at hugely inflated spreads (essentially abrogating 
their responsibilities).
     
In addition, order routing delays were upwards of 20-30 seconds at a time. 
This is completely unacceptable in any market, let alone in the most highly 
capitalized market on earth.
     
Thirdly, there is an ongoing problem related to the fact that certain 
players with direct links to ECNs consistently get better fills than people 
without such links.  When is the playing field going to be level?!  Why 
can't all orders be routed to the same place where every investor, broker, 
and institution can act on them at the same time with the same speed 
advantages?
     
The NASDAQ market is clearly dominated by big broker/dealer interests and 
the only real force we individual investors have on our side is the SEC. 
Please, I beg you, review the liquidity and speed issues that make it so 
difficult for individual investors to get fair fills on the NASDAQ for any 
orders over 100 shares.  Notwithstanding the risk of sounding offensive or 
dramatic, as it stands now, the unjust advantage of market makers on the 
NASDAQ is patently disgraceful.
     
Very Sincerely,
     
Robert C. McLister