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To: John Hunt who wrote (32923)	5/1/1999 8:28:00 AM
From: John Hunt	Read Replies (2) \| Respond to of 116752

SEC, NASD Probe Electronic Trading << The Securities and Exchange Commission and the National Association of Securities Dealers have begun a major probe of day-trading firms and online brokerage houses, often parking teams of investigators inside firms for weeks at a time. The project, according to several firms visited by regulators, appears designed to gauge the effect of electronic trading on the markets, shape new regulations and search for violations of existing ones. More than 10 day-trading firms, which host people who hop in and out of stocks all day long, have been visited by examiners in recent weeks, along with major online brokerages, including E-Trade Group Inc. and Charles Schwab Corp., Wall Street officials said. The auditors typically arrive on short notice in teams of at least two people and then remain in the office for weeks as they sift through mounds of documents, observe trades and monitor World Wide Web sites and advertising. >> washingtonpost.com This could have a dampening effect on the market ... Maybe it already has to some extent in the smaller stocks.