SPEAKER INDEX CONTENTS INSERTS BAKER 1 4 6 7 11 12 15 19 21 24 25 30 31 32 38 39 47 50 55 57 63 65 66 67 68 69 73 78 BENTSEN 50 51 52 53 69 71 72 73 BERNARD 19 28 35 40 46 47 48 49 54 56 59 60 61 62 64 67 68 69 75 BIGGERT 47 48 49 50 CALLCOTT 7 33 34 37 38 39 50 51 52 53 55 56 57 58 59 60 61 62 63 67 70 71 72 73 74 INSLEE 63 ISRAEL 3 KANJORSKI 4 39 40 41 43 44 45 KETCHUM 21 25 30 31 32 35 36 42 43 44 45 57 58 62 66 76 77 LACKRITZ 15 58 60 OXLEY 11 32 33 34 35 36 37 38 SHAYS 6 47 55 56 57 58 59 60 61 62 63 73 74 75 76 77 78 SMITH 12 33 34 38 61 77 CONTENTS SPEAKERS INSERTS STATEMENT OF HARDY CALLCOTT, SENIOR VICE PRESIDENT AND GENERAL COUNSEL, CHARLES SCHWAB AND COMPANY PAGE 7 STATEMENT OF CAMERON SMITH, GENERAL COUNSEL, THE ISLAND ECN PAGE 12 STATEMENT OF MARC E. LACKRITZ, PRESIDENT, SECURITIES INDUSTRY ASSOCIATION PAGE 15 STATEMENT OF RICHARD P. BERNARD, EXECUTIVE VICE PRESIDENT AND GENERAL COUNSEL, NEW YORK STOCK EXCHANGE PAGE 19 STATEMENT OF RICHARD G. KETCHUM, PRESIDENT, THE NASDAQ STOCK MARKET PAGE 21 INSERTS SPEAKERS CONTENTS NO INSERTS IN THIS HEARING