To:

A#: P&S#:	5653 5223
DATE:			July 25, 2003
TO:		ALL PARTICIPANTS
ATTENTION:			MANAGER, PURCHASES AND SALES DEPARTMENT; CASHIER; FUND/SERV PARTICIPANTS; ACATS PARTICIPANTS; MUNICIPAL BOND COMPARISON PARTICIPANTS
FROM:					Pablo Cubi, Associate Director, Membership Administration
SUBJECT:				CHANGES IN THE LIST OF PARTICIPANTS

· The following firm will retire from all services, as detailed below:

Last Trade Date, July 31, 2003:

Nathan & Lewis Securities, Inc. No. 0237

· An additional number has been assigned to Walnut Street Securities (#0533) for the purpose of utilizing the Fund/Serv, Commission Settlement and Insurance Processing services, as detailed below:

First Trade Date, July 21, 2003:

Walnut Street Securities /Grandfathered N & L No. 0237

· The following firm will begin participation in the Corporate Bond Comparison System, Recaps, ACATS, Envelope Settlement service, and CNS Regular Way and When Issued Municipal Bond Comparison System, as detailed below:

First Trade Date, July 30, 2003:

Bonddesk Trading LLC No. 0382

Muni Alpha Identifier BDTR

Envelope Location: Y (New York)

· The following firms will begin participation in the Commission Settlement service, as detailed below:

First Trade Date, July 23, 2003:

T. Rowe Price Investment Services, Inc. No. 5586

First Trade Date, July 24, 2003:

Oberweis Securities, Inc. No. 5697

· The following firm will no longer participate in the NYSE Listed Comparison service, as detailed below:

Last Trade Date, July 23, 2003:

Transatlantic Securities Company No. 0408

Listed Alpha Identifier TRN

· Kindly update the NSCC Directory dated July 11, 2003 (for OTC Executed-By-List and Municipal Bond Comparison System) as detailed below:

	Clearing Broker Identifiers		Executing Broker Identifiers
	Alpha	Numeric	Alpha	Numeric
Delete Last Trade Date, July 22, 2003:
Win Capital Corporation	PERS	0443	WINK

Delete Last Trade Date, July 29, 2003:
Capital Investment Services, Inc.	BNYC	0262	CISE

Add First Trade Date, July 24, 2003:
A. B. Watley Inc.	ABNA	0425	WTLY

Add First Trade Date, July 25, 2003:
Boe Securities Inc.	MLCO	0161	BOSE
Equity Trading Online, LLC	ABNA	0425	EQTO
Financial Sciences, Inc.	QRCC	0158	FISI

Clearing Broker Change, Effective First Trade Date, July 23, 2003:
From: Garden State Securities, Inc.	QRCC	0158	GRST
To: Garden State Securities, Inc.	RAGN	0733	GRST

	Clearing Broker Identifiers		Executing Broker Identifiers
	Alpha	Numeric	Alpha	Numeric
Clearing Broker Change, Effective First Trade Date, July 30, 2003:
From: Delafield & Hambrecht, Inc.	BNYC	0262	DELA
To: Delafield & Hambrecht, Inc.	PERS	0443	DELA

	Clearing Broker Identifiers		Executing Broker Identifiers
	Alpha	Numeric	Alpha	Numeric
From: Euro Pacific Capital, Inc.	BNYC	0262	EURP
To: Euro Pacific Capital, Inc.	PERS	0443	EURP

From: XCU Capital Corporation	BNYC	0262	EXCU
To: XCU Capital Corporation	PERS	0443	EXCU

From: California Fina Group, Inc.	BNYC	0262	FINS
To: California Fina Group, Inc.	PERS	0443	FINS

From: Northland Securities, Inc.	BNYC	0262	NORT
To: Northland Securities, Inc.	PERS	0443	NORT

From: Rodecker & Company Investment Brokers, Inc.	BNYC	0262	RODE
To: Rodecker & Company Investment Brokers, Inc.	PERS	0443	RODE

From: Arthur W. Wood Company, Inc.	BNYC	0262	WOOD
To: Arthur W. Wood Company, Inc.	PERS	0443	WOOD

(Correction to NSCC Important Notice Dated July 18, 2003, A: #5652, P&S #5222. The Notice incorrectly reported that Yankee Financial Group “YANK” would no longer clear through #0158. Please be advised that Yankee Financial Group will continue to clear OTC & Muni’s through clearing #0158 “QRCC”)

· Kindly update the NSCC Directory dated July 11, 2003 (for OTC Executed-By List) as detailed below:

	Clearing Broker Identifiers		Executing Broker Identifiers
	Alpha	Numeric	Alpha	Numeric
Delete Last Trade Date, July 29, 2003:
First Bermuda Securities (BVI), LTD	BNYC	0262	BRMF
First St. Louis Securities, Inc.	BNYC	0262	FLOU
Securities Industry Management Corp.	BNYC	0262	SIMC
Taglich Brothers, D. Amadeo, Wagner & Co.	BNYC	0262	TAGS
R.M. Tonge Company	BNYC	0262	TONG
Wescorp Investment Services, LLC	BNYC	0262	WCIS
N.A. Investments Services, Inc.	BNYC	0262	NAIS
Segerdahl and Company	BNYC	0262	SEGE



	Clearing Broker Identifiers		Executing Broker Identifiers
	Alpha	Numeric	Alpha	Numeric
Add First Trade Date, July 25, 2003:
Sonic Technologies LLC	ICLS	0004	SONC

Add First Trade Date, July 28, 2003:
Muzinich & Co., Inc.	BOFA	0773	MUZH

Clearing Broker Change, Effective First Trade Date, July 30, 2003:
From: Incapital, LLC	BNYC	0262	INCP
To: Incapital, LLC	PERS	0443	INCP

From: Kahn Brothers & Co., Inc.	BNYC	0262	KBCO
To: Kahn Brothers & Co., Inc.	PERS	0443	KBCO

From: Money Market 1 Institutional Investment Dealer	BNYC	0262	MYMK
To: Money Market 1 Institutional Investment Dealer	PERS	0443	MYMK

From: ONB Investment Services, Inc.	BNYC	0262	ONBI
To: ONB Investment Services, Inc.	PERS	0443	ONBI

From: Stralem & Company, Inc.	BNYC	0262	STRM
To: Stralem & Company, Inc.	PERS	0443	STRM

From: Peninsular Securities Co.	BNYC	0262	PENS
To: Peninsular Securities Co.	PERS	0443	PENS

Clearing Broker Change and Executing Broker Name Change, Effective First Trade Date, July 30, 2003:
From: Bancomer Securities International	BNYC	0262	BCMR
To: BBVA Bancormer Securities International	PERS	0443	BCMR

From: BNY Capital Markets, Inc.	BNYC	0262	BKCM
To: BNY Associates Incorporated	PERS	0443	BKCM

Executing Broker Name Change, Effective First Trade Date, July 25, 2003:
From: Spear Leads & Kellogg/WW	SILK	0501	SLWW
To: Spear Leads & Kellogg/Spectra Financial Group LLC	SILK	0501	SLWW

· Kindly update the NSCC Directory dated July 11, 2003 (for Municipal Bond Comparison List) as detailed below:

	Clearing Broker Identifiers		Executing Broker Identifiers
	Alpha	Numeric	Alpha	Numeric
Add First Trade Date, July 23, 2003:
Rydex Distributors, Inc.	NFSC	0226	RYDE

Add First Trade Date, July 30, 2003:
BBVA Bancormer Securities International	PERS	0443	BCMR
BNY Associates Incorporated	PERS	0443	BKCM
First Bermuda Securities (BVI), LTD	PERS	0443	BRMF
First St. Louis Securities, Inc.	PERS	0443	FLOU
Incapital, LLC	PERS	0443	INCP
Money Market 1 Institutional Investment Dealer	PERS	0443	MYMK
ONB Investment Services, Inc.	PERS	0443	ONBI
Stralem & Company, Inc.	PERS	0443	STRM
Wescorp Investment Services, LLC	PERS	0443	WCIS
Peninsular Securities Co.	PERS	0443	PENS
Taglich Brothers, D. Amadeo, Wagner & Co.	PERS	0443	TAGS
R.M. Tonge Company	BNYC	0262	TONG

Clearing Broker Change, Effective First Trade Date, July 30, 2003:
From: Securities Industry Management Corp.	BNYC	0262	SIMC
To: Securities Industry Management Corp.	PERS	0443	SIMC

From: N.A. Investments Services, Inc.	BNYC	0262	NAIS
To: N.A. Investments Services, Inc.	PERS	0443	NAIS

From: Segerdahl and Company	BNYC	0262	SEGE
To: Segerdahl and Company	PERS	0443	SEGE

Clearing Broker Change and Executing Broker Name Change, Effective First Trade Date, July 30, 2003:
From: Stark Salter & Smith	BNYC	0262	SPSR
To: J.E. Investments, Inc.	PERS	0443	SPSR

If you have any questions regarding this notice, please contact Frank DeRiso at (212) 855-4941 or Miriam Santiago at (212) 855-4947.

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