TYPES OF BONDS TRADED
                                                  -------------------------
SYSTEM/COMPANY                                    TREAS.    CORPS.    MUNIS.

NEW ISSUE MARKET
DIRECT ISSUANCE SYSTEMS: Investors buy
securities directly from the issuer
Treasury Direct/Treasury Dept.                    x
AUCTION/BIDDING SYSTEMS: Dealers and
investors bid directly on new issues
Bloomberg Municipal Sys./Bloomberg                                    x
Intervest New Issue Auction Mkt./Intervest                  x
MuniAuction/MuniAuction                                               x
Parity/Dalcomp-Thomson Financial                                      x

                                                    TYPES OF BONDS TRADED
                                                  -------------------------
SYSTEM/COMPANY                                    TREAS.    CORPS.    MUNIS.

SECONDARY TRADING MARKET
MULTIDEALER SYSTEMS: Institutional investors
trade with the dealers but not with each other
Bloomberg BondTrader/Bloomberg                    x
QV Trading Systems/QV Trading Sys.                x         x         x
TradeWeb/Consortium                               x
Variable Rate Trading System/                                         x
Dalcomp-Thomson Financial

CROSS-MATCHING SYSTEMS: Buyers and sellers
trade or periodically match orders anonymously
Automated Bond System/NYSE                        x         x         x
Bond Connect/State Street*                        x         x
Bondlink/Trading Edge                                       x
BondNet/Bank of New York**                        x         x
Limitrader/Limitrader Securities                            x

INTERDEALER BROKERS: Dealers trade anonymously with one another
Brokertec Global/Consortium                       x
Cantor E-Speed/Cantor Fitzgerald                  x
Instinet Fixed Income/Reuters                     x
Libertydirect/Liberty Brokerage                   x


* Also offers mortgage-backed securities, and agencies
** System only available under private licensing agreement

DATA: BOND MARKET ASSN., THE TOWER GROUP, BUSINESS WEEK