As a result of restrictions that Market Axess has imposed on users of its 
multi-dealer online bond trading site, we will not begin using the site until 
trading of high yield bonds is implemented late this year.  

Legal:  I suggest that we defer legal discussions until this date 
approaches.  

Credit Approval:   This will not be an anonymous site, where our credit 
exposure is to the site or clearing broker.  Our exposure for Market Axess 
transactions will be to one of their participating dealers.  My understanding 
is that we have trading agreements with each of Market Axess' current dealers 
(JP Morgan, Chase, Bear Stearns, ABN Amro, Deutsche, UBS Warburg).  Please 
let me know if there are credit issues related to trading with these dealers 
through Market Axess.  Before we begin trading, we will determine if there 
are any new Market Axess dealers for whom credit approval is required.

Please let me know if you like to discuss.

Thanks.

Mike
x39990