The New York Stock Exchange and NASDAQ remain the two major U.S. exchanges, 
but both are under competitive pressure from alternative trading systems:

                                 % OF NYSE   % OF NASDAQ
TRADING SYSTEM                    VOLUME        VOLUME

INSTINET & OTHER ELECTRONIC          4%*         20%
COMMUNICATIONS NETWORKS

PACIFIC EXCHANGE AND                 6            0
OTHER REGIONALS

NYSE SPECIALISTS AND                83            0
FLOOR TRADERS

NASDAQ MARKET-MAKERS                 7           80


*BW estimate; ECN trades are reported through NASDAQ and are not tracked 
separately.

DATA: SECURITIES & EXCHANGE COMMISSION, EXCHANGES