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