A#	5918
P&S #:	5488
DATE:	October 22, 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 firm will change its OTC Alpha Identifier only, as detailed below:

Effective First Trade Date, November 1, 2004:

From: Archipelago Securities, L.L.C.                                                                            No.  0436

OTC Alpha Identifier:                                                                                                          *ARCA

To: Archipelago Securities, L.L.C.                                                                                No.  0436

OTC Alpha Identifier:                                                                                                          ACRA

·        For more details regarding “ARCA”, please see page 2 of this notice.

·         The following firm will no longer participate in the Trade Comparison and Trade Recording services, as detailed below:

Last Trade Date, October 29, 2004:

Wilshire Associates Incorporated.                                                                                 No.  0200

·        The following firm will begin participation in the Municipal Bond Comparison Service,

      as detailed below:

      First Trade Date, October 19, 2004:

Siberell (John A.) & Co.                                                                                               No.  7014

Muni Alpha Identifier:                                                                                                           SBRL

·        The following firm will begin participation in the OTC Comparison Service, as detailed below:

First Trade Date, November 1, 2004:

First Brokers Securities, Inc.                                                                                         No.  0763

OTC Alpha Identifier:                                                                                                          FATS

·         The following firms will change their names only, as detailed below:

Effective, First Trade Date, November 1, 2004:

      From:  U.S. Clearing Corp a Division of Fleet Sec Inc                                                   No.  0158

      To:       ADP Clearing & Outsourcing Services, Inc.                                                      No.  0158

      From:  People’s Securities Inc.                                                                                     No.  0220

      To:       ADP COSI/People’s Securities Inc.                                                                  No. 0220

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

Last Trade Date, October 14, 2004:

American Scandia Life Assurance Corp.                                                                       No.  4504

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

Last Trade Date, October 19, 2004:

Bisys Fund Services, LP/LIR Mutual Funds                                                                  No.  5472

·                    Kindly update the NSCC Directory dated October 8, 2004 (for OTC Executed-By-List and Municipal Bond Comparison System) as detailed below:

	Clearing Broker Identifiers		Executing Broker Identifiers
	Alpha	Numeric	Alpha	Numeric
Add First Trade Date, October 22, 2004:
Montecito Advisors, Inc.	REFC	0116	MORF
Clearing Broker Change, Effective First Trade Date, October 20, 2004:
From:  C.P. Baker Securities Incorporated	NFSC	0226	CPBC
To:      C.P. Baker Securities Incorporated	BSSC	0352	CPBC

·                    Kindly update the NSCC Directory dated October 8, 2004 (for OTC Executed-By List) as detailed below:

		Clearing Broker Identifiers			Executing Broker Identifiers
		Alpha	Numeric		Alpha	Numeric
Delete Last Trade Date, October 20, 2004:
Western Securities Clearing Corp.		BSSC	0352		WESN
Delete Last Trade Date, October 26, 2004:
Alerus Securities Corporation		LEGG	0740		FNBS
Add First Trade Date, October 19, 2004:
Acme Securities Inc.		NACI	0297		ACME
Add First Trade Date, October 20, 2004:
Nassau Street Capital, LLC		BSSC	0352		NASJ
Add First Trade Date, October 25, 2004:
Spear Leeds & Kellogg/GETCO LLC		SILK	0501		SLGO
Add First Trade Date, November 1, 2004:
*Archipelago Trading Services, Inc.		ACRA	0436		ARCA
	Clearing Broker Identifiers			Executing Broker Identifiers
Clearing Broker Change, Effective First Trade Date, November 1, 2004:
From: Driehaus Securities Corporation		NEUB	0155		DRIE
To:     Driehaus Securities Corporation		JEFF	0019		DRIE

·                     

·                    Kindly update the NSCC Directory dated October 8, 2004 (for Municipal Bond

Comparison) as detailed below:

	Clearing Broker Identifiers		Executing Broker Identifiers
	Alpha	Numeric	Alpha	Numeric
Executing Broker Name  Change, Effective First Trade Date, November 1, 2004:
From: Bonds Direct Securities, LLC	JEFF	0019	BDIR
To:      Jefferies & Co., Inc.	JEFF	0019	BDIR

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