Craig M. Adair
8405 Bent Tree Rd. #2713
Austin, Texas  78759
     
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:
     
I am an individual investor on the Nasdaq stock market and am very 
concerned about the changes that have occurred with respect to 
market-maker minimum exposures and ECN's.  These changes have 
undoubtedly adversely affected my ability to invest effectively in the 
market.
     
It appears that theses changes were simply enacted to further handicap 
investors and give market-makers an unfair advantage with respect to 
filling orders.  Changing the minimum exposure to 100 shares has made it 
extremely difficult and sometimes impossible to have an order of 500 or 
1000 shares filled reasonably close to the inside market.  In addition, 
it appears that ECN's are being used as "shields" by market-makers
(e.g. an ECN showing 100 shares frequently blocks the best bid or ask) 
which effectively prevents market-makers from having to honor their 
quotes.
     
Unless the SEC is in favor of giving market-makers unfair advantages 
over small investors, I recommend that you eliminate these features of 
the system.  Thank you for your help in this important matter.
     
     
Sincerely,
     
Craig M. Adair