I would like to change our policy regarding taping telephone trades.  I 
propose the following:

1.   Retention Period  -- change the retention period from 4 months to 2 
months

2.  Record Only Deal Terms -- change from taping everything to taping only 
the deal terms at the end of a call

The first change could be made immediately and the second change would 
require both reprogramming (Phillippe is looking at this) and training of the 
traders to press the record button at the end of a call to record the deal 
terms.  Let me know your thoughts on the proposed changes.

Mark Haedicke