NASD Member Firms now required to post Margin Disclosure and Day-Trading Disclosure Statements on Web-Site

Effective July 1, 2002, NASD member firms which permit customers to open accounts on-line or to engage in securities transactions on-line are required to post the Margin Disclosure Statement on their web-site. Further, NASD member firms which promote a day-trading strategy are required to post the Day-Trading Disclosure Statement on their web-site. Although not currently required by rule, the NASD is strongly encouraging all member firms which provide on-line trading to post the Day-Trading Disclosure Statement on their web-site.

NASD Rules 2341 and 2361 were developed to provide investors with specific and detailed risk disclosures regarding margin and day-trading activities.