Hi Ken-

I also watch LAB and fellow NYSE specialist Van Der Moolen.

Besides the obvious NYSE investigation and pending fines, the whole specialist regime is under attack. We shall see what happens.

Specialists do not make much revenue from commissions. LAB and VDM profit from providing liquidity to the market ... the high level of program trading and low level of intra-day volatility make for tough conditions.

VDM has great quarterly slide show presentations. I suggest you check out their website and see the Q2/03 presentation. It's a nice introduction to their business model.

ET