18
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

         [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                             SECURITIES ACT OF 1934

                FOR THE QUARTERLY PERIOD ENDED September 30, 2000

                                       OR

    [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

     FOR THE TRANSITION PERIOD FROM _______________ TO ____________________

                       INSTITUTIONAL EQUITY HOLDINGS, INC.
                            (FORMERLY EUROMED, INC.)
             (Exact name of registrant as specified in its charter)

                         COMMISSION FILE NUMBER 0-27720
<TABLE>
<S>                                    <C>                                              <C>

                                 NEVADA                                                    88-0317700
                     (State or other jurisdiction of                                    (I.R.S. Employer
                     incorporation or organization)                                    Identification No.)


          5910 North Central Expressway, Suite 1480
                               DALLAS, TX                                                     75206
                (Address of principal executive offices)                                   (Zip Code)
</TABLE>

                                 (214) 237-3223
              (Registrant's telephone number, including area code)

           Indicate  by check  mark  whether  the  registrant  (1) has filed all
reports  required to be filed by Section 13 or 15(d) of the Securities  Exchange
Act of 1934  during  the past 12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days.

                                           Yes    X          No
                                                -----         -------------

        3,900,245 shares of Common Stock, par value $.01 per share, were
                        outstanding at October 27, 2000










<PAGE>


                                   FORM 10-QSB
<TABLE>
<CAPTION>

                                      INDEX



                                                                                                           PAGE NO.
<S>                                     <C>                                                                      <C>

PART I.  FINANCIAL INFORMATION

   ITEM 1. FINANCIAL STATEMENTS (UNAUDITED):

              Consolidated Balance Sheets -
                      September 30, 2000 (unaudited) and December 31, 1999                                          3

              Consolidated Statements of Operations -
                      Three months and nine months ended September 30, 2000 and
                           1999(unaudited)                                                                          4

              Consolidated Statements of Cash Flows -
                      Nine months ended September 30, 2000 and 1999(unaudited)                                      6

              Notes to Financial Statements                                                                         8

   ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                      CONDITION AND RESULTS OF OPERATIONS                                                          11

PART II.  OTHER INFORMATION

   ITEM 3. CHANGES IN SECURITIES AND USE OF PROCEEDS                                                               14

   ITEM 4. OTHER INFORMATION                                                                                       14

   ITEM 5. EXHIBITS AND REPORTS ON FORM 8-K                                                                        14

SIGNATURES



</TABLE>










<PAGE>


                         PART 1 - FINANCIAL INFORMATION

                       INSTITUTIONAL EQUITY HOLDINGS, INC.
                            (FORMERLY EUROMED, INC.)
<TABLE>
<CAPTION>


                                                 CONSOLIDATED BALANCE SHEETS
                                                           ASSETS



                                                                             September 30,          December 31,
                                                                                 2000                   1999
                                                                             ---------------        ------------
                                                                               (Unaudited)
<S>                                                                             <C>                     <C>

Current Assets
   Cash                                                                       $     72,445           $    315,904
   Trading Securities, at market                                                 1,833,022                548,736
   Receivables
       Commissions                                                                  68,173                516,762
       Good Faith Deposits                                                         423,379                150,000
       Other, net of allowance for doubtful accounts of
           $225,000 and $25,000 in 2000 and 1999, respectively                     251,831                 56,623
   Prepaid Expenses                                                                 21,273                301,413
                                                                              ------------           ------------

              Total Current Assets                                               2,670,123              1,889,438

Furniture and Equipment, net of accumulated depreciation
   of $382,606 and $333,543, respectively                                          377,339                382,409
Restricted Investment, at market                                                         -              1,304,043
Goodwill, net of accumulated amortization of $4,834 in 2000                      1,155,501                      -
Other Assets                                                                       109,380                259,185
                                                                              ------------           ------------

              Total Assets                                                    $  4,312,343           $3,835,075
                                                                              ============           ============



</TABLE>




<PAGE>


                       INSTITUTIONAL EQUITY HOLDINGS, INC.
                            (FORMERLY EUROMED, INC.)

                           CONSOLIDATED BALANCE SHEETS

                 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
<TABLE>
<CAPTION>


                                                                              September 30,          December 31,
                                                                                 2000                   1999
                                                                             ---------------        -------------

                                                                               (Unaudited)
<S>                                                                             <C>                         <C>

Current Liabilities
   Cash Overdraft                                                             $          -           $     31,649
   10% Convertible Debenture                                                       650,000                      -
   Loans Payable                                                                   200,000                527,170
   Liability for Borrowed Stock                                                  1,081,850                      -
   Due to Broker                                                                    95,282                 96,594
   Securities Sold, not yet purchased                                                    -                 25,034
   Accounts Payable and Accrued Liabilities                                      1,652,574              1,106,333
                                                                              ------------           ------------

              Total Current Liabilities                                          3,679,706              1,786,780

Loan Subordinated to Claims of General Creditors                                         -                150,000
Restricted Investment Loan                                                       1,668,063              1,304,043
Due to Related Parties                                                             370,000                245,000
                                                                              ------------           ------------

              Total Liabilities                                                  5,717,769              3,485,823
                                                                              ------------           ------------

Stockholders' Equity (Deficit)
   Undesignated Preferred Stock, par value $.01 per share;
       3,190,000 shares authorized, none outstanding                                     -                      -
   10% Designated Series A Preferred Stock, par value $.01 per
       share; 1,060,000 shares authorized, issued and outstanding                   10,600                 10,600
   10% Designated Series B Preferred Stock, par value $.01 per
       share; 750,000 shares authorized; 75,000 and 37,500 shares
       issued and outstanding in 2000 and 1999, respectively                           750                    375
   Common Stock, par value $.01 per share; 20,000,000 shares
       authorized; 3,923,245 and 2,312,000 issued and
       outstanding, respectively                                                    39,232                 23,120
   Additional paid-in capital                                                    5,312,313              3,778,234
   Retained (deficit)                                                           (6,636,071)            (3,330,827)
                                                                              ------------             ----------

                                                                                (1,273,176)               481,502
       Less Treasury Shares, at cost                                              (132,250)              (132,250)
                                                                              ------------           ------------

              Total Shareholders' Equity (Deficit)                              (1,405,426)               349,252
                                                                              ------------           ------------

              Total Liabilities and Shareholders' Equity (Deficit)            $  4,312,343           $3,835,075
                                                                              ============           ============


</TABLE>





<PAGE>


                       INSTITUTIONAL EQUITY HOLDINGS, INC.
                            (FORMERLY EUROMED, INC.)

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)
<TABLE>
<CAPTION>

                                                   Three Months Ended September 30,          Nine Months Ended September 30,
                                                   --------------------------------          -------------------------------
                                                      2000                   1999                     2000         1999
                                               -----------------        --------------         ------------     ------------
<S>                                                     <C>                     <C>                <C>             <C>

Revenues
    Commissions                                   $    124,661         $   1,202,633          $3,303,949       $   4,819,302
    Gain (loss) on firm securities
       accounts                                        499,236              (151,949)            (36,215)            504,023
    Underwriting and syndicate income                  469,662               577,666           1,451,378             777,676
    Other income                                        11,249                     -              63,041                   -
    Interest income                                      5,205                 2,078              51,096               2,492
                                                  ------------         -------------       -------------       -------------

          Total Revenue                              1,110,013             1,630,428           4,833,249           6,103,493

Costs and Expenses
    Commissions paid to other broker-
        dealers                                         35,226             1,121,953             418,879           2,568,857
    Employee compensation                              439,321               175,486           4,452,501           2,217,230
    General and administrative expenses              1,027,661             1,460,876           2,922,205           2,740,912
    Interest expense                                    54,934                56,845             174,588             689,743
                                                  ------------         -------------       -------------       -------------

        (Loss) From Continuing
          Operations Before Preferred
             Stock Dividend                           (447,129)           (1,184,732)         (3,134,924)         (2,113,249)

Preferred stock dividend                               (56,750)               (5,229)           (170,320)             (5,229)
Federal income tax expense                                   -                     -                   -                   -
                                                  ------------         -------------       -------------       -------------

        Net (Loss) From Continuing
          Operations                                  (503,879)           (1,189,961)         (3,305,244)         (2,118,478)

Discontinued operations
    Operating (loss)                                         -                     -                   -                   -
    Minority interest in operating
        (loss) of subsidiary                                 -                     -                   -             (16,510)
    Gain on sale of discontinued
        operations                                           -                     -                   -              15,047
                                                  ------------         -------------       -------------       -------------

        Net (Loss)                                $   (503,879)        $(1,189,961)        $  (3,305,244)      $(2,119,941)
                                                  ============         ===========         =============       ===========-

Net (Loss) per share
    Continuing operations                         $       (.16)        $        (.47)       $      (1.24)      $        (.83)
    Discontinued operations                                  -                     -                   -                   -
    Gain on sale of discontinued
        operations                                           -                     -                   -                   -
                                                  ------------         -------------       -------------       -------------
                                                  $       (.16)        $        (.47)       $      (1.24)      $        (.83)
                                                  ============         =============        ============       =============
Pro forma weighted average number
    of shares of common stock
    outstanding                                      3,199,220             2,542,000           2,674,088           2,542,000
                                                  ============         =============       =============       =============
</TABLE>


<PAGE>


                       INSTITUTIONAL EQUITY HOLDINGS, INC.
                            (FORMERLY EUROMED, INC.)

                      CONSOLIDATED STATEMENT OF CASH FLOWS
                                   (UNAUDITED)
<TABLE>
<CAPTION>

                                                                                 Nine Months Ended September 30,
                                                                             --------------------------------------
                                                                                    2000                   1999
                                                                             ---------------        --------------
<S>                                                                             <C>                     <C>

Cash Flow from Operating Activities                                           $  (3,305,244)        $   (2,119,941)
Net (loss)
Adjustment to reconcile net (loss) to net cash flow
   from operating activities
       Depreciation and amortization                                                 72,206                 30,300
       Minority interest in income of subsidiary                                          -                 16,511
       Change in restricted investment loan                                         364,020                      -
       Loss on sale of assets                                                        25,601                      -
       Capital contributed by officer                                                74,250                      -
       Issuance of stock warrants                                                         -                575,547
Changes in assets and liabilities
       Trading Securities                                                         1,401,607               (921,422)
       Receivables                                                                  (19,998)              (436,011)
       Prepaid expenses                                                             295,766               (424,257)
       Other assets                                                                 149,804                (34,570)
       Cash overdraft                                                               (31,649)                     -
       Due to brokers                                                                (1,312)               (86,586)
       Securities sold, not yet purchased                                           (25,034)               894,944
       Accounts payable and accrued liabilities                                     401,596                265,169
                                                                              -------------         --------------

              Net Cash Flow (Used) By Operating Activities                         (598,387)            (2,240,316)
                                                                              -------------         ---------------

Cash Flow From Investing Activities
   Equipment purchases                                                             (161,002)              (145,161)
   Proceeds from sale of assets                                                      73,100                      -
                                                                              -------------         --------------

              Net Cash Flow (Used) By Investing Activities                          (87,902)              (145,161)
                                                                              -------------         --------------

Cash Flow From Financing Activities
   Acquisition of restricted investment                                                   -             (1,423,978)
   Payment of loan                                                                 (527,170)               358,683
   Proceeds from loans                                                              200,000
   Debenture Borrowing                                                              650,000                      -
   Advances from related parties                                                    125,000                      -
   Increase in loans subordinated to claims of creditors                                  -              1,523,978
   Repayment of subordinated loans                                                 (150,000)                     -
   Sale of common stock                                                              70,000                      -
   Sale of preferred stock                                                           75,000              1,849,897
                                                                              -------------         --------------

              Net Cash Flow Provided By Investing Activities                        442,830              2,308,580
                                                                              -------------         --------------


                                   (Continued)

</TABLE>

<PAGE>


                       INSTITUTIONAL EQUITY HOLDINGS, INC.
                            (FORMERLY EUROMED, INC.)

                      CONSOLIDATED STATEMENT OF CASH FLOWS
                                   (UNAUDITED)
                                   (CONTINUED)

<TABLE>
<CAPTION>

                                                                                 Nine Months Ended September 30,
                                                                             --------------------------------------
                                                                                  2000                   1999
                                                                              ---------------        -------------
<S>                                                                             <C>                     <C>
Net (Decrease) In Cash                                                        $    (243,459)        $      (76,897)

Cash at the Beginning of the Period                                                 315,904                118,130
                                                                              -------------         --------------

Cash at the End of the Period                                                 $      72,445         $       41,233
                                                                              =============         ==============

Cash Paid During the Year:
   Interest                                                                   $     124,672         $      118,337
                                                                              =============         ==============
   Income Taxes                                                               $           -         $            -
                                                                              =============         ==============

Supplemental Schedule of Non-Cash
   Investing and Financing Activities
       Liability for Borrowed Stock                                           $   1,081,850         $            -
       Trading Securities                                                        (1,081,850)                     -
       Goodwill                                                                  (1,160,335)                     -
       Prepaid Expenses                                                             (15,626)                     -
       Assumed Liabilities                                                          144,645
       Common Stock                                                                  13,200                      -
       Paid-In Capital                                                            1,018,116
                                                                              -------------

                                                                              $           -         $            -
                                                                              =============         ==============




</TABLE>














<PAGE>


                       INSTITUTIONAL EQUITY HOLDINGS, INC.
                            (FORMERLY EUROMED, INC.)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

                               SEPTEMBER 30, 2000

NOTE 1:  BUSINESS

Swiss  Nassau  Corporation  was  incorporated  on May 17,  1994 in the  state of
Nevada,  United States of America,  with  authorized and issued share capital of
1,000 shares of common stock with no par value (the "common  stock") and on June
15, 1994,  all authorized  shares of Swiss Nassau  Corporation  were issued.  On
October 20, 1995, Swiss Nassau Corporation  changed its name into EuroMed,  Inc.
and increased its authorized  shares to 20,000,000 shares of Common Stock with a
new par value of $0.01 per share and 5,000,000 preferred shares with a par value
of $0.01 per share.  On October 20,  1995,  EuroMed,  Inc.  effected a 150 for 1
stock split of its Common Stock. On April 23, 1999,  EuroMed,  Inc.  changed its
name to Institutional Equity Holdings, Inc. (the "Company" or "IEH").

In November 1995, the Company began acquiring pharmaceutical companies operating
exclusively  in Europe.  The Company  completed the  acquisitions  using the net
proceeds from the sale of 1,150,000  shares of its common stock (issue price was
$6.50 per share) in March  1996,  and the  issuance of  2,700,000  shares of its
common stock.  Subsequent to the  acquisitions,  laws relating to the pricing of
pharmaceuticals  in Europe were  changed and as a result the  operations  of the
pharmaceutical companies owned by the Company were severely impacted,  resulting
in significant operating losses. The Company realized  approximately  $1,146,000
in cash and  cancelled  2,700,000  shares of its  common  stock upon sale of its
European subsidiaries in 1997.

The Company had no business activities in the calendar year of 1998, except that
on November 6, 1998, the Company's Board of Directors  approved and executed the
"Agreement and Plan of Reorganization"  by and among the Company,  Institutional
Equity Corporation ("IEC", a wholly owned subsidiary of the Company and formerly
known as Redstone Acquisition Corp.) and Redstone Securities, Inc. ("Redstone"),
a licensed broker and dealer of securities.

Effective  February  16,  1999,  Redstone  was merged  into the newly  organized
subsidiary  IEC. The Company  issued  600,000  shares of its Common Stock to the
three principals of Redstone,  Thomas Laundrie,  Gary Prucell,  and Richard Belz
(collectively  referred to as the "Redstone  Shareholders") and was obligated to
issue an additional  500,000  shares (the  "Restricted  Shares") upon the market
price of the  Company's  Common  Stock  reaching  certain  price  levels  or IEC
reporting certain levels of net income.  Notwithstanding the price levels of the
Common Stock or net income performance  levels, the Restricted Shares fully vest
on February 16, 2002. Redstone has been a registered broker dealer since 1988.

The  Redstone  Shareholders  agreed to  terminate  their  relationship  with the
Company in February 2000 subject to certain compensation payments, to forego the
collections of the Company's  subordinated notes due the Redstone  Shareholders,
to assume an  investment  in a certain  security at its book value and to modify
the number of shares of the  Company's  common  stock from  1,100,000 to 500,000
shares of fully vested common stock. The Company has a right to repurchase these
shares of its common stock at a price of $2.00 per share as follows:
<TABLE>
<S>                     <C>                                                             <C>
                   Number of                                                        Redemption
                      Shares                                                           Period

                       100,000                                                      Calendar year 2000
                       100,000                                                      Calendar year 2001
                       300,000                                                      On or before February 16, 2002


</TABLE>

                                   (Continued)


<PAGE>


                       INSTITUTIONAL EQUITY HOLDINGS, INC.
                            (FORMERLY EUROMED, INC.)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

                               SEPTEMBER 30, 2000

NOTE 1:  BUSINESS (CONTINUED)

The termination of the relationship with the Redstone  Shareholders is reflected
in the consolidated financial statements for the year ended December 31, 1999.

On August 18, 2000,  IEH acquired  all of the  members'  ownership  interests in
First Atlanta Securities, L.L.C.("FAS"), a Georgia limited liability company, in
exchange for 1,300,000  shares of IEH's $.01 par value,  common stock.  FAS is a
full service brokerage firm, located in Atlanta, Georgia. The acquisition of FAS
by IEH will be accounted for as a purchase,  and the purchase transaction is set
forth below:
<TABLE>
<S>             <C>                                                                             <C>

         First Atlanta -
               Liabilities Assumed                                                         $     284,807
               Assets Purchased                                                                 (175,449)
                                                                                           -------------

               Net Liabilities Assumed                                                           109,358

         IEH's Acquisition Costs                                                                  35,287

         1,300,000 Shares of IEH's $.01 Par Value
           Common Stock at $.7813 Per Share                                                    1,015,690
                                                                                           -------------

         Goodwill Recognized                                                               $   1,160,335
                                                                                           =============
</TABLE>

The goodwill will be amortized over a twenty (20) year period.

IEH is a holding company whose operating  subsidiaries  are IEC and FAS, who are
full service brokerage firms engaged in the purchase and sale of securities from
and to the public and for its own account and investment banking activities. The
Company operates in one industry segment, the financial services industry.

NOTE 2:  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying unaudited financial statements have been prepared in accordance
with generally accepted accounting  principles for interim financial information
and  with  the  instructions  to Form  10-Q  and  Article  10  regulations  S-X.
Accordingly,  they do not include all of the information and footnotes  required
by generally accepted accounting  principles for complete financial  statements.
In the opinion of management,  all adjustments  (consisting of normal  recurring
accruals)  considered  necessary  for a  fair  presentation  of the  results  of
operations for the periods presented have been included.

The  financial  data at December  31,  1999 is derived  from  audited  financial
statements,  which are included in the Company's  Form 10-KSB and should be read
in  conjunction  with the  unaudited  financial  statements  and notes  thereto.
Interim results are not necessarily indicative of results for the full year.

The preparation of financial  statements in conformity  with generally  accepted
accounting principles requires management to make estimates and assumptions that
affect the amounts reported in the financial  statements and accompanying notes.
Actual results could differ from those estimates.


<PAGE>


                       INSTITUTIONAL EQUITY HOLDINGS, INC.
                            (FORMERLY EUROMED, INC.)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

                               SEPTEMBER 30, 2000

NOTE 3:  NET LOSS PER COMMON SHARE

Basic (loss) per common  share has been  calculated  using the weighted  average
number of shares of common stock outstanding during the periods.  Diluted (loss)
per common  share is not  disclosed  because  the effect of the  exercise of the
common stock warrants and options would be anti-dilutive.

NOTE 4:  NET CAPITAL REQUIREMENTS

The NASD's net capital rule requires that  broker/dealers  maintain a designated
minimum  level of  financial  capital.  The net capital  rule  places  limits on
certain  of  the  Company's   operations   such  as   underwriting   activities,
market-making and other principal trading activities. If the Company falls below
the  minimum  net  capital  required,  the  Company  could be forced to  suspend
activities until additional  capital is obtained.  On June 26, 2000, the Company
notified the NASD of its violation of the net capital  requirements.  The stated
basis for this action was the failure by the Company to comply with certain NASD
rules regarding the net capital  requirements of a $100,000 for a broker dealer.
In response,  the Company  re-capitalized its position, and the Company notified
the NASD that it was in compliance with the NASD net capital  requirements as of
August 11, 2000.





<PAGE>


                                     ITEM 2



    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
                                 OF OPERATIONS

                THREE MONTHS ENDED SEPTEMBER 30, 2000 COMPARED TO
                      THREE MONTHS ENDED SEPTEMBER 30, 1999

Revenues  for the  three  months  ended  September  30,  2000,  declined  32% to
$1,110,013 compared to $1,630,428 for the three months ended September 30, 1999.
On Monday June 26, 2000, the Company  notified the NASD that it did not meet the
minimum net capital  requirement  of a broker  dealer.  At that date the Company
voluntarily  ceased its brokerage  operations,  except for executing sale orders
for its customers.  The severe  reduction in brokerage  commissions  (89% in the
three month period ended September 30, 2000, as compared to the same three month
period in 1999) was  attributable  to the  volatility of the stock  market,  the
closing of three offices in the three month period ended  September 30, 2000 and
the  temporary  ceasing of brokerage  operations  on June 26, 2000.  The Company
realized a $499,236 gain on security trading in the three months ended September
30, 2000  compared to a $151,949  loss in the three months ended  September  30,
1999,  primarily  due to the  decline of  approximately  $10 per share on 53,662
shares of borrowed stock.

Expenses  for the  three  months  ended  September  30,  2000,  declined  45% to
$1,557,142 compared to $2,815,160 for the three months ended September 30, 1999.
The following summarizes the changes in expenses:
<TABLE>
<CAPTION>

                                                                                                          2000 Percentage
                                                               Percentage of Total Expenses              Increase (Decrease)
                                                             Three Months Ended September 30,              In Expenses

                                                               2000                    1999

<S>                                                             <C>                     <C>                     <C>
                                                           -------------           ---------

Employee Compensation                                             28%                      7%                   150%
Commissions Paid to Other Broker-Dealers                           3                      40                   (97)%
                                                               -----                   -----

        Total Compensation Expense                                31                      47                    (63)%

General and Administrative Expenses                               65                      51                    (30)%
Interest Expense                                                   4                       2                     (3)%
                                                               -----                   -----

        Total Expenses                                         100%                      100%                   (45)%
                                                               ===                     =====
</TABLE>

Overall  expenses  decreased  45%  in  2000,  as  compared  to  1999.  The  most
significant  decrease in expenses were the 63% decrease in compensation  expense
for the three months  ended  September  30,  2000,  compared to the three months
ended  September  30, 1999.  These  expenses are directly  related to commission
revenue and underwriting and syndicate income, which reflected a 67% decline for
the three months ended September 30, 2000. General and  administrative  expenses
decreased  due to a reduction  in the number of active  offices and the firm was
unable to trade securities from June 26, 2000, to August 11, 2000. For the three
months ended  September  30, 2000,  the Company  reported a net loss of $503,879
compared to a loss of $1,189,961 for the three months ended  September 30, 1999.
The  decrease  in the loss was the result of the  reduction  in  revenues by 32%
offset by a 45% decline in expenses  for the three months  ended  September  30,
2000 as compared to the three months ended September 30, 1999.


<PAGE>



NINE MONTHS ENDED SEPTEMBER 30, 2000 COMPARED TO NINE MONTHS ENDED
SEPTEMBER 30, 1999

Revenues  for the  nine  months  ended  September  30,  2000,  decreased  21% to
$4,833,249  compared to $6,103,493 for the nine months ended September 30, 1999.
On June 26, 2000, the Company notified the NASD that it did not meet the minimum
net capital requirement of a broker dealer. At that date the Company voluntarily
ceased its  brokerage  operations,  except  for  executing  sale  orders for its
customers.  The  reduction  in brokerage  commissions  was  attributable  to the
closing  of three  offices in the  period  ended  September  30,  2000,  and the
temporary  ceasing of brokerage  operations from June 26, 2000, until August 11,
2000. The Company realized a $36,215 loss on security trading in the nine months
ended  September  30, 2000  compared to a $504,023 gain in the nine months ended
September 30, 1999,  primarily due to losses on stocks initially taken public by
the Company and which were being held in its investment portfolio.

Expenses  for  the  nine  months  ended  September  30,  2000,  decreased  3% to
$7,968,173  compared to $8,216,742 for the nine months ended September 30, 1999.
The following summarizes the changes in expenses:
<TABLE>
<CAPTION>

                                                                                                           2000 Percentage
                                                               Percentage of Total Expenses               Increase (Decrease)
                                                              Nine Months Ended September 30,                In Expenses

                                                               2000                     1999
                                                           -------------            ---------
<S>                                                             <C>                     <C>                      <C>

Employee Compensation                                             56%                     27%                   101%
Commissions Paid to Other Broker-Dealers                           5                      31                   (84)%
                                                               -----                   -----

        Total Compensation Expense                                61                      58                      2%

General and Administrative Expenses                               37                      33                      6%
Interest Expense                                                   2                       9                    (74)%
                                                               -----                   -----

        Total Expenses                                           100%                    100%                    (3)%
                                                               =====                   =====

    Total Expenses as a Percentage of
        Revenues                                                 164%                    135%
                                                               ======                  ======
</TABLE>

Overall  expenses  decreased  3% in  2000,  as  compared  to 1999.  General  and
administrative  expenses  increased  6% due to  increased  office  rent on newly
leased office space and an increase in the number of offices as compared to 1999
and an increase in professional fees.

In March 1999,  the Company  entered into an agreement  with an  individual  for
delivery to the Company of a stock  certificate  representing  66,250  shares of
common stock of Westower  Corporation  (which has  subsequently  converted  into
119,912  shares  of  Spectrasite  Holdings,  Inc.).  The  agreement  included  a
provision that the individual was to receive  compensation equal to five percent
(5%) of the average  daily  closing sales price of the common stock and warrants
to purchase 414,062 shares of the Company's common stock at an exercise price of
$2.00 per  share  (estimated  fair  value of the  warrants  at date of issue was
($571,406).  The  $571,406 of  compensation  to the  individual  was included in
interest expense for the nine months ended September 30, 1999.

For the nine months ended September 30, 2000, the Company reported a net loss of
$3,305,244  compared to a loss of $2,119,941 for the nine months ended September
30,  1999.  The  increase  in the loss is  attributable  to the 21%  decline  in
revenues in 2000 and, only a the 3% decrease in operating expenses in 2000.


<PAGE>


LIQUIDITY AND CAPITAL RESOURCES

Cash used in  operations  was $598,387 for the nine months ended  September  30,
2000,  compared with cash used in  operations of $2,240,316  for the nine months
ended September 30, 1999.

To finance the operating  losses,  the Company sold 53,000 shares of Spectrasite
Holdings,   Inc.'s  common  stock  for  an  aggregate  value  of   approximately
$1,092,000.  The  proceeds  from the sale of these  shares  were used to repay a
$407,170  loan from a  brokerage  firm and to finance  current  operations.  The
shares of Spectrasite Holdings,  Inc. are owned by an individual and were loaned
to the  Company.  The  Company  must  return  these  shares  to the  individual;
therefore, the Company will be required to purchase 53,000 shares of Spectrasite
Holdings,  Inc.  in the public  market.  The trading  price of these  shares has
ranged  from a high of $28.75  (June 30,  2000) to a low of $11.06  (January  3,
2000) with a trading  price of $18.56 on September  30,  2000.  The Company also
sold 70,000  shares of its common stock for $1.00 per share and 37,500 shares of
its Series B Preferred Stock for $2.00 per share.

On June 26,2000,  the Company voluntarily notified NASD that it did not meet the
minimum net capital  requirements  of a broker dealer.  At that time the Company
ceased its  brokerage  operations,  except  for  executing  sale  orders for its
customers.  The  management  of the  Company  immediately  began to develop  and
implement a plan to raise sufficient  capital to allow the Company to resume its
normal  business  activities  and to be in compliance  with the NASD net capital
requirements.  Subsequent to June 26, 2000, the Company exchanged 221,245 shares
of its  common  stock for  332,708  shares of common  stock in  publicly  traded
companies with a fair value of approximate $300,000. Subsequent to obtaining the
$300,000 in publicly traded common stocks the Company  notified the NASD that it
was in compliance with the NASD net capital  requirements as of August 11, 2000.
The Company's management is currently attempting to extend this exchange program
to other publicly traded companies to raise additional capital.

In September  2000,  the Company  authorized the sale of up to $1,250,000 of 10%
convertible  debentures  and the  issuance of 1,250,000  common  stock  purchase
warrants,  with an exercise price of $1.00 per share.  As of September 30, 2000,
the Company had received  $650,000 of proceeds from the sale of the  debentures.
The debentures are due 180 days after issuance.

For the nine months ended September 30, 2000, the Company expended  $161,002 for
the purchase of furniture and equipment.

The Company  requires  additional  capital to continue its business  operations.
There  is no  guarantee  that  the  Company  will  be  successful  in  obtaining
sufficient capital to continue operations.

SAFE HARBOR STATEMENT

Certain  statements in this Form 10-QSB,  including  information set forth under
Item 2 Management's Discussion
   and  Analysis of Financial  Condition  and Results of  Operations  constitute
"forward-looking  statements"  within  the  meaning  of the  Private  Securities
Litigation  Reform Act of 1955 (the Act). The Company desires to avail itself of
certain "safe  harbor"  provisions  of the Act and is therefore  including  this
special note to enable the Company to do so. Forward-looking  statements in this
Form 10-QSB or hereafter included in other publicly available  statements issued
or released by the Company  involve known and unknown risks,  uncertainties  and
other  factors  which  could cause the  Company's  actual  results,  performance
(financial  or  operating) or  achievements  to differ from the future  results,
performance  (financial or operating)  or  achievements  expressed or implied by
such forward-looking statements. Such future results are based upon management's
best  estimates  based upon current  conditions  and the most recent  results of
operations.







<PAGE>


                           PART II - OTHER INFORMATION




ITEM 3: CHANGES IN SECURITIES AND USE OF PROCEEDS

In March  2000,  the  Company  sold  70,000  shares  of its  common  stock to an
individual for $1.00 per share. In April 2000, the Company sold 37,500 shares of
its Series B Preferred Stock for $2.00 per share. The proceeds have been used to
fund operations of the Company.

In the three month period ended  September 30, 2000,  the Company  issued common
stock as follows:
<TABLE>
<CAPTION>


                                                                                Number of
       Transaction Description                                                Common Shares              Value
<S>             <C>                                                             <C>                     <C>

           Stock Swaps                                                             221,245           $    300,000
           Acquisition of First Atlanta Securities, L.L.C.                       1,300,000              1,160,335
           Consulting Services                                                      20,000                 15,626
                                                                              ------------           ------------

                                                                                 1,541,245           $  1,475,961
                                                                              ============           ============
</TABLE>

ITEM 4: OTHER INFORMATION

None




ITEM 5: EXHIBITS AND REPORTS ON FORM 8-K

   (a)      Number                                   Exhibit Description

             27.1                                   Financial Data Schedule.(*)

             *     Filed herewith.

   (b)       Reports of Form 8-K:

            Form 8-K filed on September 15, 2000, in connection with
                  First Atlanta Securities, L.L.C.acquisition.














<PAGE>


                                   SIGNATURES


   Pursuant to the  requirements  of the  Securities  Exchange Act of 1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

Institutional Equity Holdings, Inc.

Dated:
<TABLE>
<S>       <C>                                                                   <C>


       Signature                                                                   Title




   /s/: Robert A. Shuey, III                                                   President and
---------------------------------------------------
Robert A. Shuey, III                                                       Chief Executive Officer



  /s/: Michael E. Vinez
---------------------------------------------------                        Chief Financial Officer
Michael E. Vinez


</TABLE>


<PAGE>


                                  Exhibit Index



Exhibit No.                                     Description

27.1                                            Financial Data Schedule.(*)


(*)                                             Filed herewith