Date:    7/24/96 12:10 PM  
     
Sirs,


Regarding NAqcess, it is a proposition for automation of limit orders 
and therefore will just increase the volume of buy/sell orders and 
maximise fees. It will contribute to make the market highly sensitive and 
to fluctuate without any technical and fundamental reasons. The proposed 
system, I believe, is detrimental to the public interest and to the 
interest of legitimate investors in particular.

Wolfgang Schoeps, Dean, Sao Paulo Business School