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To: steve goldman who wrote (3036)	2/17/1998 1:57:00 PM
From: TFF	Read Replies (2) \| Respond to of 12617

missing the point??..I agree totally with your statement:)

To: steve goldman who wrote (3036)	2/18/1998 6:06:00 AM
From: funk	Read Replies (1) \| Respond to of 12617

> > > Contractual Relationships and General Information ABW has entered into a contract with a clearing broker ("clearing broker"), in this case, Penson Financial Services, Inc. (hereinafter "PFS" or "clearing broker"), a NASD Member. PFS's role as ABW's clearing broker is limited to providing administrative and clearing services for your account such as custodial functions and settlement of trades. In special situations, PFS may act as the executing broker for trades executed on ABW's behalf for your account. You have no contractual, agency or fiduciary broker-dealer relationship of any kind or nature with PFS. PFS performs no supervision over ABW, its business or in the supervision of any account, including yours, or in the handling of any matters covered hereunder. < < < Now I get it. "Clearing Broker" was the missing term. Thanks for all your help. Steve. Does your firm utilize a Clearing Broker? Who is it? funk