Sir, While I appreciate the level of market transparency you are trying to achieve by implementing rules that speed up the price reporting process, I question the benefit that market participants will enjoy by shortening the reporting time frame from 15 minutes to 1 minute. I think this is especially the case with smaller trades done typically by retail investors. Our firm usually does government bond trades (i.e. Treasury Bills) as a service to our retail customers. We do not charge a markup or commission to execute these trades for those customers via our clearing firm.