I completed research confirming that certain provisions in arbitration 
clauses of brokerage agreements are unenforceable under NASD rules (which 
have the force of federal law) and U.S. Supreme Court precedent.    These 
provisions have to do with limitation of damages, choice of situs of 
arbitration and other relevant issues.  Our complete understanding of the 
issues is extremely helpful in negotiating brokerage agreements.  It also 
raises the issue of whether or not we want to amend our legal policy.

Please advise whether you want to meet to discuss or would like a brief memo.

Cheryl Nelson
Senior Counsel
EB3880D
(713) 345-4693