Document:

<PAGE>

                                                                    Exhibit 10.2

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                                     LEGEND
Portions of this exhibit have been omitted pursuant to a request for
confidential treatment filed with the Securities and Exchange Commission. The
omissions have been indicated by asterisks ("****"), and the omitted text has
been filed separately with the Securities and Exchange Commission.
--------------------------------------------------------------------------------

                      OMNIBUS SECURITIES CLEARING AGREEMENT

                                  (U.S. DEALER)

THIS AGREEMENT is made and entered into this 6th day of February, 2001 by and
between HERZOG, HEINE, GEDULD, INC., a New York corporation ("HHG") and CBNY
INVESTMENT SERVICES CORP. ("BROKER"), a New York Corporation.

WHEREAS, HHG offers certain securities clearing and execution services; and

WHEREAS, Broker desires to establish an Omnibus Securities Clearing Account
("ACCOUNT") with HHG through which Broker will avail itself of such services on
behalf of its customers;

NOW, THEREFORE, in consideration of the premises, and the mutual covenants and
agreements hereinafter set forth, HHG and Broker agree as follows:

                                    AGREEMENT

1.   REPRESENTATIONS AND WARRANTIES OF BROKER.

     (A)    LEGAL COMPLIANCE. Broker represents and warrants to HHG that:

            (i)     Broker is and at all times during the term of this Agreement
                    shall remain duly registered with the Securities and
                    Exchange Commission ("SEC") as a broker-dealer under Section
                    15 of the Securities Exchange Act of 1934 and is and shall
                    remain licensed and in good standing as a broker-dealer
                    under applicable state securities laws.

            (ii)    Broker is and at all times during the term of this Agreement
                    shall remain a member in good standing of the National
                    Association of Securities Dealers, Inc. ("NASD").

            (iii)   Broker has and at all times during the term of this
                    Agreement shall continue to have all requisite authority,
                    whether arising under applicable federal or state laws,
                    rules and regulations or the rules and regulations of any
                    securities exchange to which Broker is subject, and has
                    taken and shall continue to take all requisite action to
                    enter into this Agreement and to retain the services of HHG
                    in accordance with the terms hereof.

            (iv)    Broker is and at all times during the term of this Agreement
                    shall remain in compliance with the capital and financial
                    reporting requirements of every

<PAGE>

                    securities exchange and securities clearing agency of which
                    Broker is a member, and to the extent required, with the
                    capital and financial reporting requirements of the SEC and
                    of every state and other regulatory authority which it is
                    subject.

            (v)     Broker is and at all times during the term of this Agreement
                    shall remain familiar with HHG's clearing procedures, as
                    communicated to Broker by HHG and shall abide by such
                    procedures within a reasonable period of time as may be in
                    effect now and in the future in respect of the Account.

            (vi)    All securities carried in the Account will be carried for
                    the account of Broker's customers, and any short sales
                    effected in the Account shall be short sales effected on
                    behalf of Broker's customers.

For purposes of this Agreement, the term "customer" shall not include any
general or special partner or any director or officer of Broker, or any
participant in any joint, group or syndicate account with Broker or with any
partner, officer or director of Broker.

     (B)    Notice of Non-Compliance. Broker shall promptly notify HHG and shall
            forthwith discontinue effecting transactions in the Account if any
            of the foregoing representations and warranties shall no longer be
            true and correct in all material respects.

2.   REPRESENTATIONS AND WARRANTIES OF HHG. HHG represents and warrants to
     Broker that:

     (A)    HHG is and at all times during the term of this Agreement shall
            remain duly registered with the SEC as a broker-dealer under Section
            15 of the Securities Exchange Act of 1934 and is and shall remain
            licensed in good standing as a broker-dealer under applicable state
            securities laws.

     (B)    HHG is and at all times during the term of this Agreement shall
            remain a member in good standing of the NASD.

     (C)    HHG has and at all times during the term of this Agreement shall
            continue to have all requisite authority, whether arising under
            applicable federal and state laws, rules and regulations or the
            rules and regulations of any securities exchange to which HHG is
            subject, and has taken and shall continue to take all requisite
            action to enter into this Agreement and to perform its services in
            accordance with the terms hereof.

     (D)    HHG is and at all times during the term of this Agreement shall
            remain in compliance with the capital and financial reporting
            requirements of every securities exchange and securities clearing
            agency of which HHG is a member and to the extent required, with the
            capital and financial reporting requirements of the SEC and every
            state and other regulatory authority to which it is subject.

                                       2
<PAGE>

3.   SERVICES OF HHG.

     (A)    SERVICES TO BE PERFORMED BY HHG. HHG shall perform the following
            services with respect to the Account:

            (i)     Execution of orders for the Account pursuant to Broker's
                    instructions provided, however, that HHG reserves the right
                    at any time to reject any order for the Account in a timely
                    manner or upon prior notice.

            (ii)    Settlement of contracts and transactions in securities.

            (iii)   Holding in one or more properly established accounts cash
                    and/or securities of Broker or Broker's customers.

            (iv)    Preparation and electronic mailing of trade confirmations to
                    the Broker, which confirmations may be in the form of a
                    summary trade list and shall contain the information
                    required to be furnished on confirmations in accordance with
                    all applicable laws, rule and regulations.

For the purposes of this Agreement, the term "securities under the control of
HHG" shall mean those securities maintained in the Account where both of the
following conditions are satisfied:

            (v)     Broker has instructed HHG to maintain physical possession or
                    control of such securities free of any charge, lien or claim
                    of any kind in favor of HHG or any persons claiming through
                    HHG, and

            (vi)    HHG within twenty-four (24) hours after receipt of such
                    instruction has informed Broker in writing or in form
                    acceptable to both parties that it accepts such instruction.

     (B)    SERVICES NOT TO BE PERFORMED BY HHG. Unless otherwise expressly
            agreed in writing, HHG shall be responsible only for those services
            described in Section 3(A) above. Without limiting the foregoing, HHG
            shall not provide nor be responsible for providing any of the
            following services:

            (i)     Accounting, bookkeeping or record keeping, cashiering, or
                    other services in respect to commodity transactions or any
                    other transactions not involving securities.

            (ii)    Preparation of Broker's payroll records, financial
                    statements or any analysis thereof.

            (iii)   Preparation or issuance of checks in payment of Broker's
                    expenses, other than expenses incurred by HHG on behalf of
                    Broker pursuant to this Agreement.

                                       3
<PAGE>

            (iv)    Payment of commissions to Broker's salesmen.

            (v)     Preparation of filing of any of Broker's reports to the SEC,
                    any state securities commission or any securities exchange,
                    securities association, or other membership association to
                    which Broker is subject.

            (vi)    Performance of any of the responsibilities of Broker set
                    forth in Section 5 or 6 below.

4.   RESPONSIBILITIES OF HHG.

     (A)    HHG shall have no liability to Broker arising out of this Agreement
            or otherwise except for:

            (i)     Breach of the express terms of this Agreement.

            (ii)    Fraudulent acts of HHG employees.

            (iii)   Errors on orders which are incorrectly recorded, transmitted
                    or executed by HHG.

            (iv)    Errors in bookkeeping made by HHG.

            (v)     Losses occasioned by negligence in the performance of the
                    obligations of HHG hereunder.

     (B)    DEFAULT.

            (i)     HHG shall promptly notify Broker of any default or error
                    whatsoever by any broker/dealer.

5.   NON-FINANCIAL RESPONSIBILITIES OF BROKER.

     (A)    CONDUCT OF BROKER'S CUSTOMER ACCOUNTS. Broker shall be solely
            responsible for the conduct of its Broker's Customer Accounts,
            including, but not limited to, obtaining all papers required for the
            opening and operation of such accounts; determining the suitability
            of all transactions therein; establishing the authenticity of all
            orders and the genuineness of all certificates and papers; obtaining
            all necessary authorizations and maintaining all required records in
            respect of discretionary accounts; and furnishing all required
            confirmations and statements of account.

     (B)    NOTIFICATION OF TRADE DISCREPANCIES. Broker shall reconcile its
            internal position records with the confirmations provided by HHG
            under Section 3(A) above and notify HHG within one (1) business day
            after receipt of the confirmations of any discrepancies.

                                       4
<PAGE>

     (C)    MARGIN. Broker shall comply and assure that its customers comply
            with all applicable margin requirements.

     (D)    CONSENT TO HYPOTHECATION. Broker acknowledges and agrees that HHG
            may lend, pledge or hypothecate any or all of the securities in the
            Account (other than securities under the control of HHG), as defined
            in Section 3(A) whether separately or in common with other money,
            securities or other property, as HHG in its sole discretion shall
            deem appropriate. Broker shall obtain from each of its customers all
            necessary authorization to such lending, pledge and hypothecation.

     (E)    REPORTING. Broker shall be responsible for providing HHG with copies
            of the following:

            (i)     Concurrently with filing:

                    (a)  Any FOCUS or other financial reports required to be
                         filed with the SEC, the NASD or any securities exchange
                         of which it is a member;

                    (b)  Any filing with the SEC, the NASD, any securities
                         exchange or any state agency providing notice of
                         Broker's non-compliance with applicable capital and/or
                         financial requirements; and

                    (c)  Any amendment to Broker's Form BD.

            (ii)    Within ten (10) days after issuance or receipt:

                    (a)  a copy of Broker's audited annual financial statement;
                         and

                    (b)  any examination report issued by SEC, the NASD, any
                         securities exchange or any state agency.

            (iii)   HHG agrees to hold any information or copies provided under
                    this Subsection (E) in confidence and will not disclose such
                    information or copies to any third party without Broker's
                    prior written approval, provided, however, that HHG may
                    disclose information pursuant to a Subpoena issued by a
                    Court of Law or pursuant to a regulatory requirement request
                    by a state or federal regulatory agency or any
                    self-regulatory organization.

6.   FINANCIAL RESPONSIBILITIES OF BROKER.

     (A)    ACKNOWLEDGMENT OF RISK. Broker acknowledges and agrees that all
            transactions effected in the Account are at the Broker's risk.

     (B)    DEPOSIT OF MARGIN. Broker shall deposit with HHG such initial or
            maintenance margin with respect to transactions in the Account as
            HHG in its sole discretion may require, irrespective of whether
            Broker shall have received payment from its

                                       5
<PAGE>

            customers. It is understood that HHG may revise or amend its margin
            requirements at any time with prior notice to Broker.

     (C)    CLEARING AND SETTLEMENT INSTRUCTIONS. Broker shall provide HHG with
            written or oral instructions for settling and clearing securities
            transactions, including but not limited to instructions to accept or
            deliver securities, make payment for securities or transfer funds
            out of or into the Account.

     (D)    DELIVERY OF AND PAYMENT FOR SECURITIES. Broker shall be responsible
            for acceptable deliveries to HHG of securities sold for the Account
            and for payment to HHG of securities purchased for the Account
            irrespective of whether Broker shall have received delivery or
            payment from its customers.

     (E)    PAYMENT OF DEBIT BALANCES. Broker shall pay on demand all debit
            balances in the Account, irrespective of whether Broker shall have
            received payment from its customers. It is understood that debit
            balances shall accrue interest on a daily basis at a rate per annum
            set forth in the Customer Agreement and in the manner set forth in
            the Customer Agreement of even date and executed simultaneously.

     (F)    COMPENSATION TO HHG. To compensate HHG for services performed under
            this Agreement, Broker shall pay to HHG the fees for maintenance of
            the Account and for transactions in the Account, including the
            minimum aggregate fee per annum, set forth in Exhibit "B" hereto. It
            is understood that HHG may change such fees at any time upon thirty
            (30) business days prior notice to Broker; provided, however, that
            changes to the minimum aggregate fee per annum shall be effective
            only on an anniversary date of this Agreement. Fees shall be charged
            against the Account monthly, with a year-end adjustment, if
            necessary, to cover the minimum aggregate annual fee.

     (G)    TIMING. Broker shall deposit any margin required under Section 6(B)
            above and satisfy any demand for payment of a debit balance under
            Section 6(E) above (including any debit balance resulting from fees
            payable under Section 6(F) above by 12:00 noon New York time the
            next business day or such earlier time as HHG may reasonably
            require.

     (H)    CURRENCY FLUCTUATION. If Broker directs HHG to enter into any
            transaction to be effected on any securities exchange or in any
            market on which transactions are settled in a foreign currency, (i)
            any profit or loss arising as a result of a fluctuation in the rate
            of exchange between such currency and the United States Dollar shall
            be entirely for Broker's Account and risk, (ii) all initial and
            maintenance margin deposits required or requested by HHG shall be in
            the currency required by the applicable marketplace or clearing
            agency in such amounts as HHG in its sole discretion may require and
            (iii) HHG is authorized to convert funds in the Account into and
            from such foreign currency at rates of exchange prevailing at the
            banking or other institutions with which HHG normally does business.

                                       6
<PAGE>

     (I)    TRANSACTION FEES. Broker is responsible for paying all transaction
            fees to be remitted to the relevant national securities association
            or national securities exchange pursuant to Section 31 of the
            Securities Exchange Act of 1934.

7.   FAILURE TO DISCHARGE FINANCIAL RESPONSIBILITIES.

     (A)    LIEN. To secure performance of its obligations hereunder, including
            but not limited to its financial responsibilities under Section 6
            above, Broker hereby grants to HHG a lien on all securities, cash
            and other property in the Account or any other Account carried by
            HHG for Broker which Broker advises HHG for its own Account or for
            the account of anyone other than its customers ("non-customer
            accounts"). HHG, may at any time, without prior notice to Broker,
            transfer from a non-customer account to the Account such excess
            securities, cash or other property as in HHG's judgment may be
            required for margin or to reduce any debit balance in the Account.

     (B)    HHG'S REMEDIES. In the event that Broker fails to timely perform any
            of its financial responsibilities, or HHG in its sole discretion
            deems it necessary for its protection, HHG is authorized, without
            notification to the Broker:

            (i)     To sell any or all of the securities or other property which
                    may be in its possession, which HHG may be carrying for the
                    Account, other than securities which are under the control
                    of HHG, as defined in Section 3(A) and apply the proceeds of
                    such sale and any cash in the Account to amounts owed to HHG
                    hereunder.

            (ii)    To buy in any securities or other property of which the
                    Account may be short.

            (iii)   To cancel any outstanding orders.

            (iv)    To take such other steps as HHG in its sole discretion
                    determines appropriate under the circumstances.

Any sale or purchase made pursuant to this Section 7(B) shall be made, at HHG's
discretion, on the securities exchange or other market where such business is
then usually transacted, or at public auction or at private sale, without
advertising the same and without notice to Broker or upon personal
representatives of Broker, and HHG may purchase the whole or any part thereof
free from any right of redemption, with Broker remaining liable for any
deficiency. It is understood that a prior tender, demand or call of any kind
from HHG, or prior notice from HHG, of the time and place of such sale or
purchase shall not be considered a waiver of HHG's right to sell or buy any
securities and/or other property held by HHG or owed by HHG by Broker, at any
time. Broker agrees to reimburse HHG for any expenses incurred by HHG in
exercising its remedies under Section 7(B), including attorneys' fees.

8.   COMMUNICATION.

                                       7
<PAGE>

     (A)    METHODS OF COMMUNICATION. HHG will have discretion over the type and
            proper location of communications equipment deemed necessary to
            render the most efficient service to Broker. HHG shall not be
            responsible for any instructions or orders which are not received
            due to malfunction of communications equipment.

     (B)    RECORDING. Broker and HHG each consent to the recording of
            conversations between Broker and HHG (or any of their respective
            agents), without any obligation by Broker or HHG to make or retain
            such recordings.

     (C)    RESPONSIBILITY FOR ERRORS. HHG and Broker will be responsible for
            their respective errors; provided, however, that HHG shall not be
            responsible for any trade discrepancies not reported by the time
            specified in Section 5(B) above.

9.   INDEMNIFICATION.

     (A)    INDEMNIFICATION OBLIGATION. Broker hereby agrees to indemnify,
            defend and hold harmless HHG from and against all claims, demands,
            proceedings, suits and actions made or brought against HHG and all
            of HHG's liabilities, losses, damages, sanctions, judgments,
            expenses, attorneys' fees and costs (collectively, "claims") arising
            out of one or more of the following:

            (i)     Failure of Broker to make payment when due for securities
                    purchased or to deliver when due securities sold for the
                    Account.

            (ii)    Failure of Broker to meet any initial or maintenance margin
                    call.

            (iii)   Default or error by any broker-dealer other than HHG with
                    whom Broker executes a transaction for the Account.

            (iv)    Failure of Broker properly to satisfy or perform any of its
                    other responsibilities under this Agreement or commission by
                    Broker or any error for which Broker is responsible under
                    the terms of this Agreement.

            (v)     Any claim by any of Broker's customers based on conduct or
                    omissions of Broker or any third party broker-dealer or
                    arising from the clearing relationship between Broker except
                    to the extent such claim has resulted from HHG's negligence.

            (vi)    Any adverse claims with respect to any customer securities
                    delivered or cleared by HHG.

            (vii)   Any dishonest, fraudulent, negligent or criminal act or
                    omission on the part of any of Broker's officers, partners,
                    employees, agents or customers.

            (viii)  Breach by Broker of any representation or warranty made by
                    it under this Agreement.

                                       8
<PAGE>

     (B)    INDEMNIFICATION PROCEDURE. Promptly upon receipt of notice any claim
            with respect to which HHG is entitled to indemnification under
            Section 9 (A) above, Broker shall institute defense of such claim,
            at its sole expense, using counsel reasonably acceptable to HHG.
            Broker shall keep HHG informed of the status of defense of such
            claim, and broker shall not agree to any settlement without the
            consent of HHG, which shall not unreasonably be withheld. If within
            ten (10) days after receiving notice of such claim Broker shall fail
            to properly institute the defense of such claim, HHG will have the
            right to defend against the same at Broker' cost and expense or, in
            its sole discretion, to settle the same at Broker's cost and
            expense. In the event that HHG is required to institute legal
            proceedings to enforce Broker's indemnification obligations, HHG
            shall be entitled to recover from Broker its costs and expenses,
            including attorneys' fees, incurred in such proceedings.

10.  TERM AND TERMINATION.

     (A)    TERM. The term of this Agreement shall commence on the later of (i)
            the date hereof or (ii) if required, the date this Agreement is
            approved by the New York Stock Exchange.

     (B)    RIGHT TO TERMINATE. This Agreement may be terminated:

            (i)     By either party upon ninety (90) days written notice to the
                    other party.

            (ii)    Immediately by either party, in its discretion, if any
                    representations, warranties, duties, responsibilities or
                    obligations of either party shall not be true or duly
                    performed or shall cease to become true or duly performed,
                    provided, however, that the failure of either party to
                    terminate this Agreement shall not be deemed acquiescence in
                    either party's misrepresentations or failure to perform its
                    duties, responsibilities or obligations and shall not
                    preclude either party from subsequently terminating this
                    Agreement.

     (C)    SURVIVAL OF RIGHTS. The lien and other rights of the parties
            hereunder shall continue as long as there remain any unsettled
            transactions or outstanding obligations from Broker to HHG in
            respect to the Account.

     (D)    TRANSFER OF ACCOUNT. If HHG terminates this Agreement, HHG, at
            Broker's request, shall reasonably assist Broker in transferring the
            Account to another broker-dealer designated by Broker.

11.  GENERAL PROVISIONS.

     (A)    NON-EXCLUSIVITY. HHG and Broker each reserve the right to enter into
            similar agreements with other broker-dealers on terms and conditions
            which may vary from those herein.

                                       9
<PAGE>

     (B)    GOVERNING LAW. This Agreement shall be construed and enforced under
            and in accordance with the internal law of the State of New York
            without regard to the provisions thereof relating to the conflict of
            laws.

     (C)    HEADINGS. The headings for each Section of this Agreement are for
            descriptive purposes only and shall not be deemed to modify or
            qualify any of the provisions of such Section.

     (D)    RELATIONSHIP OF PARTIES. Neither this Agreement nor the performance
            of services hereunder shall be considered to create a joint venture
            or partnership between HHG and Broker between Broker and other
            broker-dealers for whom HHG may perform the same or similar
            services, nor shall either party be deemed an agent or
            representative of the other.

     (E)    BINDING EFFECT. This Agreement shall be binding upon and inure to
            the benefit of HHG and Broker and their respective successors,
            assignees and transferees of every kind; provided, however, that no
            assignment or transfer shall be binding without the prior written
            approval of the other party. This Agreement shall not be construed
            as creating any rights in any third parties who are not parties
            hereto (including without limitation any customers of Broker).

     (F)    ENTIRE AGREEMENT AMENDMENTS. This Agreement represents the entire
            Agreement between the parties with respect to the subject matter
            contained herein. Exhibit A, Requirements; Exhibit B, Omnibus
            Clearing Costs; and Exhibit C, Technical Issues; are incorporated
            hereto and made a part hereof. This Agreement may be amended, and
            provisions hereof may be waived, only by writing signed by the party
            against whom enforcement of the amendment and waiver is sought.

     (G)    MODIFICATION BY APPLICABLE RULE OR LAW. All transactions which HHG
            executes for the Account shall be subject to the constitution,
            by-laws, rules, regulations, customs, usage, rulings and
            interpretations of any relevant marketplace or clearing agency and
            to all applicable governmental laws and regulations (collectively
            referred to as any "rule or law"), and HHG shall not be liable to
            Broker as a result of any action taken by HHG or its agents to
            comply therewith. Whenever any rule or law shall be enacted,
            proscribed or promulgated which shall affect in any manner or be
            inconsistent with any of the provisions hereof, the provisions of
            this Agreement so affected shall be deemed modified or superseded,
            as the case may be, by such rule or law, and all other provisions of
            this Agreement and any provisions as modified shall in all respects
            continue in full force and effect.

     (H)    PARTIAL INVALIDITY. If any provision of this Agreement is held
            invalid or unenforceable, the remainder of the Agreement shall
            nevertheless remain in full force and effect. If any provision is
            held invalid or unenforceable with respect to particular
            circumstances, such provision shall nevertheless remain in full
            force and effect in all other circumstances.

                                       10
<PAGE>

     (I)    FORCE MAJEURE. Neither party shall be liable for any default
            resulting from any circumstances beyond its reasonable control,
            including without limitation computer malfunctions, labor disputes,
            natural disasters and acts of God.

     (J)    DISPUTE RESOLUTION. In the event that any dispute arises under this
            Agreement, the parties shall in good faith attempt to settle such
            dispute. If settlement of a dispute relating to a transaction in the
            Account is not possible, the parties agree to submit the dispute to
            arbitration through the facilities of the marketplace (NASD or
            securities exchange) on which the transaction giving rise to the
            dispute arose. Any other disputes under this Agreement shall be
            resolved in a court of competent jurisdiction located in New York,
            New York, and the parties hereby waive any objections to such venue.

     (K)    NOTICES. Notices hereunder may be given by personal delivery,
            facsimile, or registered or certified mail and shall be deemed given
            when actually received. Notices to either party shall be sent to the
            address set forth opposite its name on the signature page hereof or
            to such other address as such party shall notify the other in
            writing.

     (L)    EXECUTION AWAY FROM HHG. Broker may place for execution with firms
            other than Herzog orders for the Accounts to the extent Broker
            determines that such action is necessary to meet Broker's duty to
            obtain best execution for customer orders. Herzog will have no
            responsibility for the transmission or execution of any such orders,
            and Broker agrees to assume full responsibility for resolving any
            disputes and for bearing any losses resulting from transactions with
            firms with which Broker executes, giving up Herzog for clearance.
            Broker also agrees that, with respect to any such orders, it will
            report executions promptly to Herzog for clearance in accordance
            with Herzog procedures.

IN WITNESS WHEREOF, the parties have hereunto affixed their hands as of the day
and year first above written.

Address For Notice:                      CBNY INVESTMENT SERVICES CORP.
CBNY Investment Services Corp.
320 Park Avenue
New York, New York 10022
Attn: Jose A. Paulucci                   By: /s/ Jose Aparecido Paulucci
                                             -----------------------------------
                                                Jose A. Paulucci,
                                                Chief Executive Officer

                                         By: /s/ David Minder
                                             -----------------------------------

                                       11
<PAGE>

                                                David Minder, Secretary

Address For Notice:                                  HERZOG, HEINE, GEDULD, INC.
525 Washington Blvd.
Jersey City, New Jersey 07310
Attention:  General Counsel               By:  /s/ Anthony T. Geraci
Facsimile: (201) 418-4367                    -----------------------------------
                                                   Anthony T. Geraci
                                                   Executive Vice President

                                       12
<PAGE>

                                    EXHIBIT A

                                  REQUIREMENTS

-$100,000   Net Capital.

-$****      Deposit - Interest Bearing Account.

-           Copy of most recent Focus Report and latest annual audited financial
            statement.

-           Broker/Dealer Application (Form BD), including most recent
            amendments, and Form U-4 of Principals of Correspondent.

-           Copy of most recent NASD Audit Report.

-           Copy of Broker's Blanket Bond Policy with $250,000 minimum coverage
            and deductible of no more than $5,000.

                                                                HHG JAP
                                                                    ----------

                                                                CBNY JAP DJM
                                                                    ----------

                                      B-1
<PAGE>

                                    EXHIBIT B

OMNIBUS CLEARING COSTS:
-----------------------

All commissions collected by us in regards to Accounts of customers shall be
payable to you net of the fees payable to us, as set forth herein, after taking
into consideration any outstanding obligations due"HERZOG", as defined in this
Agreement.

Clearing Fees: For each securities transaction in an Account we will charge you
on a "per ticket basis" based upon an actual number of tickets per trading day
for all customers. For the purpose of this Agreement a "ticket" shall mean an
order which results in a confirmation to such customer or Account. At the end of
each month we will compute the actual number of tickets per trading day for such
month and charge you according to the following schedule:

Listed and OTC Transactions:           $**** per ticket
----------------------------

EXECUTION COSTS
---------------
Execution Costs (Listed Equities)      $**** per share
Execution Costs (OTC)                  No Charge (if all orders are executed at
                                          HHG)
Execution Costs (Regional Exchange)    No Charge

                                                                HHG ATG
                                                                    ----------

                                                                CBNY JAP DJM
                                                                    ----------

                                      B-1
<PAGE>

*    HERZOG DOES NOT CHARGE AN ADDITIONAL EXECUTION FEE FOR LISTED TRANSACTIONS.
     HOWEVER, IF A FLOOR BROKERAGE FEE IS INCURRED, IT WILL BE PASSED THROUGH TO
     THE "BROKER".

<TABLE>
<CAPTION>

OPTIONS CUSTOMER TRANSACTIONS               CLEARANCE CHARGE           EXECUTION COST
-----------------------------               ----------------           --------------
<S>                                         <C>                        <C>
Options all Exchange (Equity/Indexes)       $**** per ticket           $**** per contract
Options Exercise & Assignment               $****

FIXED INCOME                                CLEARING CHARGES           EXECUTION COST
------------                                ----------------           --------------
Corporate Bonds
   Listed Corp. Bonds                       $****                      $**** per Bond
   OTC Corp. Bonds                          $****                      No Charge
Municipal Bonds                             $****                      No Charge
Government Securities                       $****                      No Charge
</TABLE>

                                                                HHG ATG
                                                                    ----------

                                                                CBNY JAP DJM
                                                                    ----------

                                      B-2
<PAGE>

ZERO COUPON
-----------

Money Mkt Instrument/CD's             ****
Mortgage Backed Securities            ****

MUTUAL FUNDS
------------
FUND/SERV eligible                   $**** per ticket
Redemptions                          $****
Exchanges (Same Fund Family)         $****

*    Herzog requires a minimum of $**** per month in gross execution and
     clearance charges.

MISCELLANEOUS CHARGES
---------------------

Communications
--------------

The cost of communications lines, equipment and usage to service your firm and
all other communication services not offered by Herzog Heine Geduld shall be a
pass through charge.

Printing & Supplies
-------------------

All Confirms, Statements, New Account and other forms are provided by"HERZOG",
at no charge.

Any special printing of Statements, Confirms and other forms will be the expense
of the Introducing Broker.

Other Charges
-------------

If a charge for a particular service we perform on your behalf is not covered by
this agreement it will be negotiated as it occurs.

                                                                HHG ATG
                                                                    ----------

                                                                CBNY JAP DJM
                                                                    ----------

                                      B-3
<PAGE>

MISCELLANEOUS FEES
------------------

Legal  Transfer                                   $****

Transfer to Customer Name                         $**** per certificate

Overnight Mail-Upon Request                       $****

Returned Customer Checks                          $****

Wired Funds                                       $****

Fed Call Extensions                               $****

D.K. Charges                                       ****

Late payment in cash only                          ****

Yearly Inactivity Fee                             $****

ACATS                                             $****

* Service Charge/Handling/ Postage                $****

IRA Annual maintenance Fee:                       $****

IRA Opening Fee                                   $****

Microfiche Records                                at cost

Cancel/Corrects                     $**** pre-settlement/$**** post-settlement

*    These charges may at Broker's discretion, or if mutually agreed upon, be
     charged directly to customer retail accounts.

This proposal does not constitute an offer to provide clearing services. Any
such offer is subject to (i) potential correspondent's approval by the "HERZOG"
credit committee (ii) the execution by both parties of a clearing agreement.

                                                                HHG ATG
                                                                    ----------

                                                                CBNY JAP DJM
                                                                    ----------

                                      B-4

<PAGE>

                                    EXHIBIT C

                                TECHNICAL ISSUES

1.       The interface between Sungard and HHG must be developed and in good
         working order at the commencement of production.

2.       HHG must provide at customer's office two or more terminals for the
         customer's use to access the omnibus account for trade execution
         services, entrance of orders and emergency backup if Sungard Phase 3
         System malfunctions.

3.       The cost of communications lines, equipment and usage to service your
         firm and all other communication services not offered by Herzog Heine
         Geduld shall be a pass through charge.

                                                                HHG ATG
                                                                    ----------

                                                                CBNY JAP DJM
                                                                    ----------

                                      C-1

<PAGE>

                                    EXHIBIT D

                                 PAIB AGREEMENT

This is to amend the Omnibus Clearing Agreement between HERZOG, HEINE, GEDULD,
INC. ("Clearing Broker") and CBNY INVESTMENT SERVICES CORP. ("Broker") in
conformity with the SEC No-Action Letter, dated November 3, 1998, ("No-Action
Letter") relating to the capital treatment of assets in the proprietary account
of an Introducing Broker ("PAIB") and to permit Introducing Broker to use PAIB
assets in its net capital computations.

     1. Clearing Broker shall perform a computation for PAIB assets ("PAIB"
Reserve Computation") of Broker in accordance with the customer reserve
computation set forth in Rule 15c3-3 ("Customer Reserve Formula") with the
following modifications:

     A.  Any credit (including a credit applied to reduce a debit) that is
         included in the Customer Reserve Formula may not be included as a
         credit in the PAIB Reserve Computation;

     B.  Note E(3) to Rule 15c3-3a which reduces debit balances by 1% under the
         basic method and subparagraph (a)(1)(ii)(A) of the net capital rules
         which reduces debit balances by 3% under the alternative method shall
         not apply, and;

     C.  Neither Note E(1) to Rules 15c3-3a nor NYSE Interpretation /04 to Item
         10 of Rule 15c3-3a regarding securities concentration charges shall be
         applicable to the PAIB Reserve Computation.

     2. The PAIB Reserve Computation shall include all proprietary accounts of
the Broker. All PAIB assets shall be kept separate and distinct from customer
assets under the Customer Reserve Formula in Rule 15c3-3.

     3. The PAIB Reserve Computation shall be prepared within the same time
frames as those prescribed by Rule 15c3-3 for the Customer Reserve Formula.

     4. Clearing Broker shall establish and maintain a separate "Special Reserve
Account for the Exclusive Benefit of Customers" with a bank in conformity with
the standards of paragraph (f) of Rule 15c3-3 ("PAIB Reserve Account"). Cash
and/or qualified securities as defined in the Customer Reserve Formula shall be
maintained in the PAIB Reserve Account in an amount equal to the PAIB Reserve
requirement.

     5. If the PAIB Reserve Computation results in a deposit requirement, the
requirement may be satisfied to the extent of any excess debit in the Customer
Reserve Formula of the same date. However, a deposit requirement resulting from
the Customer Reserve Formula shall not be satisfied with excess debits from the
PAIB Reserve Computation.

                                      D-1
<PAGE>

     6. Within two (2) business days of entering into this PAIB Agreement,
Broker shall notify its designated examining authority in writing (with copy to
Clearing Broker) that it has entered into this PAIB Agreement.

     7. Commissions receivable and other receivables of Broker from Clearing
Broker (excluding clearing deposits) that are otherwise allowable assets under
the net capital rule may not be included in the PAIB Reserve Computation,
provided the amounts have been clearly identified as receivables on the books
and records of Broker and as payables on the books of the Clearing Broker.

     8. If Broker is a guaranteed subsidiary of Clearing Broker or if Broker
guarantees Clearing Broker (i.e., guarantees all liabilities and obligations)
then the proprietary account of Broker shall be excluded from the PAIB Reserve
Computation.

     9. Upon discovery that any deposit made to the PAIB Reserve Account did not
satisfy its deposit requirement, Clearing Broker shall facsimile or telegram
immediately to notify its designated examining authority and the Securities and
Exchange Commission ("Commission"). Unless a corrective plan is found acceptable
by the Commission and the designated examining authority, Clearing Broker shall
provide written notification within five (5) business days of the date of
discovery to Brokers that PAIB assets held by Clearing Broker shall not be
deemed allowable assets for net capital purposes. The notification shall also
state that if Broker wishes to continue to count its PAIB assets as allowable,
it has until the last business day of the month following the month in which the
notification was made to transfer all PAIB assets to another Clearing Broker.
However, if the deposit deficiency is remedied before the time at which Broker
must transfer its PAIB assets to another Clearing Broker, the Broker may choose
to keep its assets at Clearing Broker.

     10. The parties shall adhere to the terms of the No-Action Letter,
including the Interpretations set forth herein, in all respects.

                                      D-2
<PAGE>

     11. Upon notice of termination of this Agreement by either party, Clearing
Broker shall deliver all PAIB assets to Broker within 30 days, provided,
however, that Clearing Broker may retain in the Settlement Account, such amount
as it deems appropriate for its protection from any claim or proceeding of any
type, then pending or threatened, until the final determination thereof is made.
If a threatened claim or proceeding is not resolved or if a legal action or
proceeding is not instituted within three years of the termination of this
Agreement, any amount retained in the PAIB Reserve Account with respect to such
threatened claim or proceeding shall be delivered to Broker.

HERZOG, HEINE, GEDULD, INC.

By: /s/ Anthony T. Geraci
    -----------------------------------
        Anthony T. Geraci
        Executive Vice President

Dated:  2/21/01
      ---------------------------------

CBNY Investment Services Corp.

By: /s/ Jose Aparecido Paulucci
    -----------------------------------
        Jose A. Paulucci,
        Chief Executive Officer

Dated:   2/6/01
      ---------------------------------

By: /s/ David Minder
    -----------------------------------
        David Minder, Secretary

Dated:  Feb 6, 2001
      ---------------------------------

                                      D-3<PAGE>

                                                         Exhibit 10.3

                           ASSIGNMENT AGREEMENT

         Effective, April 6, 2001, Herzog, Heine, Geduld, Inc. ("Herzog")
hereby assigns to Broadcort Capital Corp. ("BCC") all of its rights and
obligations under the Clearing Agreement between CBNY Investment Services
Corp. ("CBNY") and Herzog dated February 6, 2001. Herzog will not retain
any rights or duties under the Clearing Agreement.

         CBNY's rights and duties under the Clearing Agreement will remain
the same with respect to BCC. CBNY hereby consents to this assignment as
evidenced by its signature below.

         This agreement, together with the Clearing Agreement, represents
the complete and total agreement between the parties.

                           APPROVED BY:

                           HERZOG, HEINE, GEDULD, INC.

                           By: /s/ CHARLES CHRISTOFILIS
                             -------------------------------

                           Title:  SENIOR VICE PRESIDENT
                                 ---------------------------

                           Date:  4/10/01
                                 ---------------------------

                           BROADCORT CAPITAL CORP.

                           By: /s/ PAT RICHARD COSTA
                             -------------------------------

                           Title:  SENIOR VICE PRESIDENT
                                 ---------------------------

                           Date:  April 9, 2001
                                 ---------------------------

                           Address for Notices:  222 Broadway, 6th Floor
                                                 New York, NY  10038
                           Copy to:              General Counsel (same address)

ACCEPTED BY:

CBNY INVESTMENT SERVICES CORP.

By:  /s/ JOSE A. PAULUCCI
   -----------------------------

Title:  PRESIDENT & CEO
      --------------------------

Date:  4/06/01
     ---------------------------

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