A#	5863
P&S #:	5433
DATE:	July 23, 2004
TO:	ALL PARTICIPANTS
ATTENTION:	MANAGER, PURCHASES AND SALES DEPARTMENT; CASHIER; FUND/SERV PARTICIPANTS; ACATS PARTICIPANTS; MUNICIPAL BOND COMPARISON PARTICIPANTS
FROM:	Pablo Cubi, Membership Administration
SUBJECT:	CHANGES IN THE LIST OF PARTICIPANTS

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

Last Trade Date July 19, 2004:

WS Griffith Securities, Inc.                                                                                           No.  0392

Last Trade Date July 30, 2004:

CNA Trust Corporation                                                                                               No.  2664

·        The following firm will begin participation in AMEX Listed Comparison, OTC Comparison, Fund Serv, Networking, ACATS, ACATS Fund/SERV, RECAPS, and Envelope Settlement services, as detailed below:

First Trade Date July 29, 2004:

TradeStation Securities, Inc.                                                                                         No.  0271

Listed Alpha Identifier                                                                                                          TSD

OTC Alpha Identifier                                                                                                           TRAD

Networking Code                                                                                                                OV

Envelope Location: Y (New York)

Contact: Stephen Hoefling

Phone:   (954) 652-7856

·        An additional number has been assigned to Linsco/Private Ledger Corp. (#0075) for the purpose of utilizing the Commission Settlement service, as detailed below:

First Trade Date, July 20, 2004:

Linsco/Private Ledger Corp.-WS Griffith Securities, Inc.                                               No.  0392

·        An additional number has been assigned to Union Bank of California, N.A. (#2145) for the purpose of utilizing the Fund/SERV, Networking, ACATS and ACATS Fund/SERV services, as detailed below:

First Trade Date, August 2, 2004:

Union Bank of California, N.A./CNA                                                                           No.  2664

Networking Code:                                                                                                               YH

Contact:  Maggi Boutelle

Phone:    (619) 230-3958

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

Last Trade Date July 23, 2004:

Electronic Brokerage Systems, LLC                                                                             No.  0627

·        The following firm will change its name only, as detailed below:

Effective First Trade Date July 26, 2004:

From:  Cantor Fitzgerald & Co. – BGC Markets                                                          No.  0464

To:      Cantor Fitzgerald & Co. – BGC Securities                                                         No.  0464

·               Kindly update the NSCC Directory dated July 9, 2004 (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 21, 2004:
Dupont Securities Group, Inc.	PERS	0443	DSGI
Delete Last Trade Date, July 26, 2004:
J.W. Millegan, Inc.	LEGG	0740	JWML
Add First Trade Date, July 21, 2004:
Cabrera Capital Markets, Inc.	FSWC	0309	CABA
Salzburg Securities, LLC	NACI	0297	PSAS
Clearing Broker Change, Effective First Trade Date, July 21, 2004:
From: Cabrera Capital Markets, Inc.	FSWC	0309	CABR
To:     Cabrera Capital Markets, Inc.	NFSC	0226	CABR
From: Sterling Financial Investment Group, Inc.	WSPD	0030	SOAR
To:     Sterling Financial Investment Group, Inc.	NFSC	0226	SOAR
Clearing Broker Change, Effective First Trade Date, July 26, 2004:
From: Equity Trading Online, LLC	ABNA	0425	EQTO
To:     Equity Trading Online, LLC	NFSC	0226	EQTO

·                    Kindly update the NSCC Directory dated July 9, 2004 (for OTC Executed-By List) as detailed below:

	Clearing Broker Identifiers		Executing Broker Identifiers
	Alpha	Numeric	Alpha	Numeric
Delete Last Trade Date, July 21, 2004:
Equity Financial Management Services, Inc.	MSRO	0727	EFMS
Grace Brothers Ltd.	LEHM	0074	GRAC
Strategic Structuring and Solutions LLC	BSSC	0352	SSST
Add First Trade Date, July 21, 2004:
ML Professional CC/Redwood Trading	PRST	0551	PRRD
Add First Trade Date, July 23, 2004:
Sanford C. Bernstein & Co., LLC	BERN	0013	BLAV
Clearing Broker Change, Effective First Trade Date, July 30, 2004:
From: Gardner Rich & Co.	ABNA	0425	GDNR
To:     Gardner Rich & Co.	MLCO	0161	GDNR
Executing Broker Name Change, Effective First Trade Date, July 22, 2004:
From: Ruane Cunniff & Co., Inc.	NEUB	0155	RCSK
To:     Ruane, Cunniff & Goldbarb LLC	NEUB	0155	RCSK

·                    Kindly update the NSCC Directory dated July 9, 2004 (for Municipal Bond Comparison) as detailed below:

	Clearing Broker Identifiers		Executing Broker Identifiers
	Alpha	Numeric	Alpha	Numeric
Add First Trade Date, July 30, 2004:
Gardner Rich & Co.	MLCO	0161	GDNR
Executing Broker Name Change, Effective First Trade Date, July 22, 2004:
From: Ruane Cunniff & Co., Inc.	UBSW	0642	RCSK
To:     Ruane, Cunniff & Goldbarb LLC	UBSW	0642	RCSK

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