The marketplace is changing rapidly as a result of increasing regulatory pressure. We expect to benefit from these restrictions.  We do not anticipate participating indirectly or directly in the government-mandated program to offer independent research.  As our product adds value, we limit distribution to those institutions willing to pay for it.  We would never cheapen our image by providing piecemeal products. 

In addition, we view recent proposals to expose soft dollar payments as helpful.  Increased disclosure of commission allocation will eliminate one of the big advantages of the large, well-connected wire houses—their longstanding relationships.  Equity traders at the large mutual funds and elsewhere will need to justify how much and with whom they do business, based solely upon quality of execution and the value contributed to the investment decision from a broker-dealer.