Market Axess:

The online trading platform launched during August, focusing initially on 
investment grade bonds.  Based on restrictions their dealers imposed on 
potential users, we have agreed to defer our involvement with the site until 
high yield trading is introduced during the 4th quarter.   Would you prefer 
that we resolve issues with Market Axess' legal agreements now, or that we 
wait until we are closer to the date we begin using the system ?

Buy Side Direct:

I will be out of the office tomorrow.  Should we meet Tuesday or Wednesday to 
discuss the feedback you, Jason and I received today from their attorney ?  
I'm open Tuesday between 9:30 and 3:00 or Wednesday before 4:00.

 Thanks.

Mike
x39990