Merk Investments Commentary on CNBC

We frequently communicate with journalists of major publications on current economic and political topics. Our email today to CNBC's Power-Poll was broadcast to CNBC viewers worldwide. The Power-Poll is a CNBC sponsored survey to which email commentaries are invited. The question our email was in response had sought comments on what the new chairman of the New York Stock Exchange John Reed's top priorities should be:

From: Axel G. Merk <agm@merkinvestments.com>
Date:Thu Oct 2, 2003 09:13:50 US/Pacific
To: powerlunch@cnbc.com
Subject: John Reed's top priority


We forget that the NYSE is the only major floor-based exchange that has thrived -- most floor-based exchanges have been replaced by electronic exchanges. Given that executions are still the best at NYSE, it is worthwhile saving. Some day, we will understand that Grasso's legacy is not only his pay package, but mostly that he saved the NYSE.

John Reed will be well served if he focuses on processes and procedures in management and regulation that ensure a bright future for the NYSE.

Axel Merk
Merk Investments
Palo Alto, CA