A#	5890
P&S #:	5460
DATE:	August 27, 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, August 26, 2004:

Pershing, LLC/International Services Division                                                                No.  0384

·        The following firm will begin participation in the Municipal Bond Comparison service, as detailed below:

First Trade Date, August 30, 2004:

Summit Bank N.A.                                                                                                       No.  6701

Muni Alpha Identifier:                                                                                                           SMNB

·        An additional number has been assigned to American Portfolios Financial Services, Inc. (#0555) for purpose of utilizing the Commission Settlement service, as detailed below:

First Trade Date, September 1, 2004:

American Portfolios Financial Services, Inc./Penn Plaza Brokerage                                No.  0500

·        An additional number has been assigned to ING USA Annuity and Life Insurance Company (#4506) for purpose of utilizing the Fund/Serv and Networking services, as detailed below:

First Trade Date, September 1, 2004:

ING USA Annuity and Life Insurance Company/Mutual Funds Trading                         No.  4510

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

First Trade Date, August 25, 2004:

Spear, Leeds & Kellogg                                                                                               No.  0501

·        The following firm will begin participation in the Networking service, as detailed below:

First Trade Date, August 27, 2004:

Ameritas Variable Life Insurance Company                                                                   No.  4539

Networking Code:                                                                                                               T2

Contact:  Damon Monroe

Phone:    (402) 467-7709

·        The following firm will begin participation in the Municipal and Corporate Bond Comparison service, as detailed below:

First Trade Date, August 30, 2004:

Tradestation Securities, Inc.                                                                                          No.  0271

Muni Alpha Identifier                                                                                                           TRAD

·        The following member of The Canadian Depository for Securities Ltd. will begin participation in the OTC Comparison service, as detailed below:

First Trade Date, August 26, 2004:

TD Waterhouse Canada Inc. #2                                                                                   No.  5005

OTC Alpha Identifier:                                                                                                          GLII

·                    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, August 23 2004:
Doley Securities, Inc.	BHCS	0632	DOLY
Delete Last Trade Date, August 24, 2004:
WS Griffith Securities, Inc.	NFSC	0226	GFFH
Delete Last Trade Date, August 27, 2004:
Crown Financial Group, Inc.	BHCS	0632	CRWC
Clearing Broker Change, Effective First Trade Date, August 27, 2004:
From:  Terra Nova Trading, L.L.C.	ICLS	0004	TNIS
To:      Terra Nova Trading, L.L.C.	MLCO	0161	TNIS

·                    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
Add First Trade Date, August 26, 2004:
Sanford C. Bernstein & Co., LLC	BERN	0013	BIRM
Biremis, Corp.	PFSI	0234	BRMS
Add First Trade Date, September 1, 2004:
Prebon Financial Products Inc.	LYON	0651	PFPI
Clearing Broker Change and Executing Broker Name Change, Effective First Trade Date, September 1, 2004:
From:  Fisher (L.B.) & Co.	ABNA	0425	FISH
To:       L.B. Fisher & Company	MSRO	0727	FISH
Clearing Broker Change, Effective First Trade Date, September 3, 2004:
From:  Wave Securities, LLC	MLCO	0161	WVBD
To:       Wave Securities, LLC	SILK	0501	WVBD

·                    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, September 1, 2004:
L.B. Fisher & Company	MSRO	0727	FISH
Clearing Broker Change, Effective First Trade Date, August 30, 2004:
From:  United Capital Markets, Inc.	ABNA	0425	UCMI
To:       United Capital Markets, Inc.	PERS	0443	UCMI

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