M E M O R A N D U M

On February 24, 2003, Commissioner Glassman and Brian Stern had a telephone conversation with Mr. John Wheeler of American Century Investment Management regarding the above-referenced matter. Mr. Wheeler discussed generally the impact of the proposal from a trader's perspective. He said that the liquidity quote would provide useful information because top of market quotes generally are for minimal volume, and for his purposes, interest for a larger trade may be at a different price. He discussed how he uses trading screens, and noted that space on his trading screens is at a premium because of the volume of information he monitors. He stated that his preference would be to view all sources of liquidity in a security in one place.