i am setting up a b/d and need a little advice from those already there: which is the better type of SRO for membership - an exchange or the NASD? What would be the differences between exchange membership and NASD membership? I know licensing is about the same, but what would be the benefits/drawbacks of each type (exchnage vs NASD)? And is there a preferred exchange, all costs and benefits considered? I know Don has his opinion as i know he is a member of the Chicago Stock Exchange, but why did he choose that one as opposed to, say PSE? If I get CME membership, will i be able to do equity trading or would I have to get membership with an equity based exchange SRO? Any knowledgeable input based on facts appreciated. Thx.