Financial Services >> Analyst Interviews >> January 24, 2005

ONLINE BROKERS & EQUITY MARKET STRUCTURE/TRADING: RICHARD HERR – KEEFE, BRUYETTE & WOODS

RICHARD A. HERR joined Keefe, Bruyette & Woods in June 2002 and is currently a Vice President, responsible for equity research coverage of the brokerage and trade execution sectors. He is based in the firm's New York headquarters. Prior to joining KBW, he was an Associate Equity Research Analyst at First Union Securities, assisting in the coverage of banks, brokerage and specialty finance companies. Mr. Herr began his career as a Junior Research and Investment Strategy Associate for the Bank of New York & Co. He holds a Bachelor of Arts degree in Economics from Fordham University in New York. Profile
TWST: Would you start with an overview of your e-finance coverage at

Keefe, Bruyette & Woods?

Mr. Herr: I follow the online brokers and equity market

structure/trading companies. In the