A 5040 - December 29, 1999
P&S 4602

TO: ALL PARTICIPANTS

ATTENTION: MANAGING PARTNER/OFFICER; OPERATIONS PARTNER/OFFICER

SUBJECT: TRANSFER OF GLOBAL CLEARANCE NETWORK AND INTERNATIONAL LINK SERVICES TO NSCC

On December 27, 1999, the Securities and Exchange Commission ("SEC") approved a rule change filed by National Securities Clearing Corporation ("NSCC") concerning the transfer of International Securities Clearing Corporation ("ISCC") services to NSCC. In accordance with the SEC approval, ISCC will discontinue its provision of the Global Clearance Network and International Link Services and concurrently transfer these services to NSCC, effective the close of business December 31, 1999.

Questions regarding the rule filing should be directed to Richard J. Paley, at (212) 412-8874. Questions regarding the transfer of ISCC services to NSCC should be directed to Stuart Kleinman, at (212) 701-9705.

Karen S. Saperstein
Managing Director and General Counsel