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Five analysts and top management from nineteen sector firms examine the Brokers & Asset Managers sector in this special 98-page issue from The Wall Street Transcript, available at (212/952-7433) or http://www.twst.com/info/info383.htm

TWST: Has the number of day traders dropped off?

Mr. Keene: That’s a very interesting question, and let me just clarify my answer by first saying there are a lot of folks who have highlighted day traders among those using online brokerage-type platforms, and let’s call those remote traders. While the remote trading volume has suffered, onsite traders are still trading and our research tells us that trading volumes from onsite day traders continue to grow.

TWST: What are the opportunities for investors in this area?

Mr. Keene: I think a big part of the potential for an investor in that business depends on the training you get. Typically what happens is if a new client comes in to one of these centers, they will situate that new client right in between two experienced traders and just let that new client observe for a while and learn the tricks of the trade, if you will, and then over time let that person grow and develop his or her own strategies.

TWST: Actually, what I was trying to get to was whether any of those companies were investable and themselves represented opportunities for investors.

Mr. Keene: A.B. Watley (Nasdaq:ABWG) is a publicly traded company, and they recently announced that they’re going to get into the onsite trading business. So this would be one that falls into that category. Right now they just have a remote client base. But they’re seeing what we’re seeing, and that is the onsite traders are more consistent and more active, and they want to get a part of the revenue stream that’s associated with that type of trader. There are a couple of other publicly traded direct access companies out there but most are private firms.

TWST: Is the demographic profile of people who are involved in direct access different from that of those who use online brokers?

Mr. Keene: I think so, only because the online brokerage client profile is much broader. I would say that the day traders I’ve seen are typically younger than the average users of remote online brokerage services. Most onsite day traders I’ve seen are male, whereas that’s not the case with online brokerage. Also, although it’s not always the case with a day trader, they may have some trading experience or at least know something about the markets, although it’s not a prerequisite.

This special issue includes:

1) Brokers & Asset Managers - In an in-depth (11,900 words) Analyst Roundtable, Amy Butte, Managing Director at Bear, Stearns & Company, Mark Constant, Senior Vice President/Executive Director at Lehman Brothers and Dean Eberling, Senior Vice President at Keefe, Bruyette & Woods, examine the outlook for the sector including, brokerage stocks performance, money fund flows and share specific stock recommendations.

2) The TWST confidential Off-The-Record survey of management performance at twenty sector firms asked market insiders about the ability of management teams to create shareholder value.

3) Outlook for Brokers & Asset Managers - In an in-depth (2,700 words) Analyst Interview, Joan Solotar, Senior Brokerage & Asset Management Analyst at Credit Suisse First Boston, examines the outlook for the sector and shares specific stock recommendations .

5) Electronic Brokers - In an in-depth (3,600 words) Analyst Interview, L. Russell Keene III, Vice President at Keefe, Bruyette & Woods, Inc., examines the outlook for the sector and shares specific stock recommendations.

4) CEO interviews (average 2,500 words). Top management of nineteen sector firms examine the outlook for their firm and the sector.