Date:    1/6/99  3:31 PM
Subject: File No. S7-26-98

Please clarify:
     
If a broker-dealer sends a report, for example a trade confirmation report, 
to a customer electronically (i.e., via the Internet), does the 
broker-dealer have to keep an exact record of that trade confirmation report 
on file or can they just store the data that was used to populate the 
report?  Presumably it is sufficient to store this information via 
electronic means rather than on paper?
     
Thank you,
Shomit Ghose
(650) 369-0793