Jay-

HSBC has responded to legal with comments on the NDA.  They are requesting that the term of the NDA be one year instead of our standard two years.  We intend on discussing a private e-marketplace and possibly f/x posting.  They would like to see the standard demo for the discussion around the private e-marketplace.  What is your position on their NDA request considering what they will see in the demo?

					-WAX