GETTING A FAIR       Most "market" orders--to buy or sell stock at
PRICE...             the market price--are executed appropriately:
                     98% of trades in NYSE stocks and 98% of Nasdaq
                     investors get the prevailing price or better.
                     For various reasons, some limit orders, where
                     an investor directs the broker to buy or sell
                     at a specified price, don't get filled at all.

...AND A CHANCE      Investors in NYSE stocks get "price improve-
AT A BETTER PRICE... ment"--a better price than the latest market
                     offering--on 49% of eligible trades*. Nasdaq
                     investors get better prices on 16% of trades.

...AT THE FASTEST    Trades on NYSE-listed stocks take an average
POSSIBLE SPEED...    of 6 seconds to execute when the spread is as
                     narrow as possible, or 15 seconds if price
                     improvement is possible*. Nasdaq trades take
                     about 8 seconds at the narrowest spread.
                     Bigger orders take longer in both markets.

...FOR A             Investors who favor low commissions are less
REASONABLE FEE.      likely to get price improvement. Discount
                     brokers subsidize low fees with "payment for
                     order flow"--rebates, between 1 and 2 cents
                     per share, that most market-makers and
                     exchanges pay so brokers will direct orders
                     to them.


*A trade is eligible for price improvement when the spread between buying 
and selling bids is greater than the minimum price increment--usually 1/32 or 
1/16 of a point for that stock.

DATA: THE TRANSACTION AUDITING GROUP (TAG)