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To: Lucretius who wrote (109510)	6/20/2001 3:44:20 PM
From: LLCF	Respond to of 436258

FYI, from equity derivative sales of a major house: <Implied volatility has come off dramatically ovfer the last 2 months. The question facing investors is whether these levels are a temporarty phenomenon or rather a structural shift in the wquity derivatives market. We velieve 2 factors- the Issuance of zero coupon convertible securities and the shift out of a technology bubble driven market. The accounting and taxation benefits corporations receive from issuing zero coupon converts indicate the issuance of these securities will only grow in popularity and have an even greater effect on the broader derivatives market in the future.> DAK