Online Trading Platforms

The only comments I would add to the feedback you provided to the attorneys
for the various online trading agreements are as follows:

Trading Edge:

My comments were summarized in my August 11th email to you.

LIMITrader:

Agreement should specify the obligation of LIMITrader and / or their clearing
firm (Bear Stearns Clearing Corporation) to execute trades, in the event the
other side of the trade does not.

Buy Side Direct:

Michael Minnich agreed, during a call with Jason and me, to add language
addressing the obligation of Buy Side Direct (until the trade is affirmed)
and Weiss, Peck and Greer (from affirmation until settlement) to execute
trades, in the event the other side of the trade does not.

Michael also agreed to clarify their policies regarding trades which Buy Side
Direct modifies or cancels under their clearly erroneous policy.

Market Axess:

No additional comments.

Thanks.

Mike
x39990