L. RUSSELL KEENE III is a Vice President at Keefe, Bruyette & Woods,
Inc. covering the electronic brokerage industry, including companies in
the direct access brokerage space. Prior to joining KBW, Mr. Keene
followed electronic brokerage stocks for Putnam, Lovell, de Guardiola &
Thornton. Before focusing on the online brokers, he worked with Dean
Eberling, studying traditional brokers and money management firms for
Putnam Lovell and Salomon Smith Barney as a Research Associate, and
before that as a Junior Analyst working at Prudential Securities. Mr.
Keene received his MBA from the University of Tampa in 1993. Profile
TWST: Will you begin by telling us how online brokerage differs from the
direct access brokerage platform?
Mr. Keene: Just to clarify, although they're converging, the two are