Paul/Alan,

We need to have someone check into the legal issues associated with our 
trading equities in each of the respective countries we are interested in 
trading.  We need to get rulings on shares, futures and options for both 
exchange traded and over the counter activity for each country.  This 
"research" should be performed in much the same way as when we began trading 
in Australia.  Some of the countries involved may have already been "green 
lighted" a few years ago.  The countries we need to look into initially are:

Germany
France
Italy
Norway
Netherlands
Spain
United Kingdom


Once we get feedback on these countries we should continue on to secondary 
countries which include:

Austria
Belgium
Denmark
Ireland
Israel
Sweden
Switzerland
Portugal
Turkey


I will leave up to yourselves to decide where this project should be 
coordinated from but as we are a US coporate and ECT Investments, the 
principal booking entity, is a US entity I would imagine it should be handled 
from the States.  Please let me know if anyone has any questions or would 
like to discuss issues associated with this request. 

Thanks and regards,
John