St. Louis Post-Dispatch (Missouri)

              July 30, 2003 Wednesday Five Star Late Lift Edition

SECTION NEWS; Pg. A1

LENGTH 119 words

HEADLINE WHAT IS POLICY ANALYSIS MARKET?

BYLINE From News Services

BODY

   The program was formulated in the Defense Department's Defense Research
Projects Agency, a group that is involved in developing a wide range of
technology programs.

   The futures market would have operated much like those in oil and other
commodities. Traders would attempt to profit by making early, correct
predictions about events in the Middle East. One example given of a possible
contract was whether the Jordanian monarchy would be overthrown when the United
States and Iraq were at war.

   The concept put forth for the program was to use the knowledge and abilities
of the traders to assist in predicting future events. Investors were to begin
registering Friday and trading was to start Oct. 1.

NOTES
See main story on Page A1 "Pentagon drops plan for trading on terrorism."