Mr. Robert J. Kecseg
First Research Financial
6210 N. Beltline Road
Suite 155
Irving, Texas 75063

Dear Mr. Kecseg:

This responds to your letter of December 3, 1997, concerning the margin status of a security listed on the Boston Stock Exchange. A copy of the Board's margin regulations is enclosed for your convenient reference.

Section 220.2 of Regulation T defines margin security to include "any registered security" and registered security as a security "registered on a national securities exchange." The Boston Stock Exchange is a national securities exchange registered with the Securities and Exchange Commission under section 6 of the Securities Exchange Act of 1934. Therefore, any security listed on the Boston Stock Exchange is a margin security for purposes of the Board's Regulation T.

We trust you will find this information responsive to your inquiry.

Yours truly,

(signed) Scott Holz

Scott Holz

Enclosure