Attached is a report released today by Securities and Exchange Commissioner 
Laura Unger that summarizes the findings from a series of on-line investing 
roundtables conducted earlier this year on on-line brokerage.  The report 
makes recommendations for ongoing dialogue between regulators and industry 
and for regulatory strategies she believes the Commission should consider.  

The findings and recommendations in the report focus on the issues of 
suitability, best execution, market data, systems
capacity, investor education, on-line discussion forums, privacy, and 
portals.  Commissioner Unger believes these are
among the key on-line issues facing investors and the industry today.

Unger said," The Internet is rapidly making on-line trading ubiquitous.  This 
report provides the Commission with a 
comprehensive examination of the critical issues to be addressed in the area 
of technology.  I think it may still be premature
for extensive rulemaking in this area, but the report will allow the 
Commission to focus upon and consider the most vital
issues concerning on-line brokerage." 

Please let us know if you have any questions.  Thanks.