1. What are the two types of alternative trading systems? What is their role in trading by institutional investors such as mutual funds? 2. Should the mutual fund industry support or oppose a proposal to centralize all trading in U.S, equities in one computer? What would be the arguments on either side? 3. Suppose a complex has a $1 billion diversified growth fund and a $100 million financial services fund. Both place orders on the same day to buy 100,000 shares of an initial public offering of an insurance company. If the trader received only 150,000 shares of the offering, how should they be allocated between the two funds? 4. Should managers of mutual funds (and other institutional investors) be prohibited from paying higher brokerage commissions in exchange for research and brokerage services? If Section 28(e) of the Securities Exchange Act of 1934 were repealed, what would be the likely effects on mutual funds and brokerage firms