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April 21, 2005

2005 Traders Magazine Survey of Correspondent Clearing Firms

By Editorial Staff

Contacts: Ron Suber, senior managing director and director of global clearing sales, (888) 283-8389, fax: (415) 288-2401, rsuber@bear.com; Joe Triarsi, senior managing director and director of broker dealer sales, (888) 850-5192, fax: (212) 272-5321,

jtriarsi@bear.com

BMO Nesbitt Burns

1 First Canadian Place, P.O. Box 150, Toronto, Ont., Canada M5X 1H3, (416) 359-4000, fax: (416) 359-4311, www.bmonesbittburns.com

Services: BMO Nesbitt Burns offers correspondent clearing of securities transactions and some clearing of futures and other financial obligations.

Correspondents: Institutional

Parent company: Bank of Montreal

Affiliate companies: BMO Nesbitt Burns, Harris Bank, Harris Nesbitt

Contacts: See above

Broadcort, a division of Merrill Lynch, Pierce, Fenner & Smith Incorporated

101 Hudson Street, 7th Floor, Jersey City, N.J., 07302, (201) 557-4291, fax: (201) 557-4500, www.broadcort.com

Services: Broadcort delivers clearing and execution services to broker/dealers, providing customized solutions, the latest technology, and exceptional client service. As a division of Merrill Lynch, Broadcort has the resources to support the most complex business requirements.

Broadcort's institutional clearing services include equities, options, fixed income and international securities, online access to trade processing, seamless account opening, fully automated block allocations, real-time street reconciliation, and online order entry. Broadcort offers a secure Internet product, Broadcort Online (BCOL), hosted on the Merrill Lynch MLX portal. BCOL applications support electronic downloads of all brokerage-related information, online access to trade processing, real-time street reconciliation, statements, daily trade confirms, seamless account opening, fully automated block allocations, intra-day P&L reports, compliance reports, true ad hoc report generation, and online order-entry.

Broadcort's execution services include electronic and voice trading solutions, direct market access to U.S. equity and options exchanges, major ECNs, SuperMontage, third-market firms, and other liquidity providers.

Number of Trades Cleared in 4Q04: 54 million

Number of correspondents: 138

Parent company: Merrill Lynch & Co.

Affiliate companies: Major U.S. affiliates include: Merrill Lynch Investment Managers, LP, Merrill Lynch Government Securities, Merrill Lynch Professional Clearing Corp., Merrill Lynch Bank USA, Merrill Lynch Bank & Trust Co., Merrill Lynch Capital Services, Merrill Lynch Insurance Group. Major international affiliates include: Merrill Lynch International, Merrill Lynch Investment Managers Ltd., Merrill Lynch International Bank Ltd., Merrill Lynch Capital Markets Bank Ltd., Merrill Lynch Japan Securities Co., Ltd., Merrill Lynch Canada

Contacts: Timothy J. Hamick, Head of Sales & Marketing, managing director, Global Clearing and Execution Services, (312) 431-7110, timothy_hamick@ml.com; Pat Costa, Director, Global Clearing and Execution Services, (201) 557-4291, pat_costa@ml.com

Computer Clearing Services

801 N. Brand Blvd., Suite 1020, Glendale, Calif. 91203, (818) 242-9333, fax: (818) 242-3723, www.ccls.com

Services: Computer Clearing Services (CCS) offers technology-based, fully disclosed and omnibus clearing for retail and electronic trading of U.S. securities. CCS's main focus is on direct access, online trading, electronic retail brokerage, proprietary trading, ECN liquidity trading and institutional DVP/RVP. CCS is a service bureau for many trading platforms that provide electronic processing solutions for our correspondents to all major execution destinations. CCS has developed a Web site to provide correspondents and their customers with all the information they need to conduct their business, including e-statements, e-confirms and Internet-based reports.

Number of correspondents: 48

Correspondents: Retail, proprietary, direct access, ECN liquidity trading and institutional

Parent company: Acument Holding Co.

Contact: David Alsup, national sales manager, (818) 242-9333, fax: (818) 242-3723,

dalsup@ccls.com

First Clearing Correspondent Services

Riverfront Plaza, 901 East Byrd St., Richmond, Va. 23219, (888) FCC-CLEAR, www.firstclearing.com