Your2ndPlace

I would like to point out that we're not done yet.

When we first started, back in August 2007, we had a very simple "listing rules" page which I just archived.

We invite everyone to compare that page to the current version of our listing rules. Our approach to exchange rules is:

For us that means, rules are something that must be improved and/or adapted over the time. We started amending our rules slowly and that wasn't common knowledge, since there were no public announcements about those changes (which is a bad thing).

On November 13, 2007 we published our Code of Ethics, which was followed by our Public Disclosure Policy (November 23, 2007) and our Insider Trading Policy (December 25, 2007 - Yes, Christmas).

On February 25, 2008 we finally started announcing amendments to our rules and the day after we begun detailing the changes at the time of each amendment.

Starting from and including February 25, 2008 we made 8 amendments to our listing rules (4 of them this month alone), 1 amendment to our TOS and we started a new set of rules which is going to cover the individuals (everyone with a VSTEX account) and not listed companies, specifically.

One may say that our current method of amending rules is confusing (frequent, sometime daily updates); one may say we could just wait, lay down a foolproof set of rules and be done with it. That is a way to approach the problem. Right now we prefer to evaluate a problem/issue, regulate it and come up with an amendment right away.

We believe that this should not pose a threat or inconvenience to listed companies. We try to be fair, at all times. For example, quarterly single-step income statements due now for the first time, were announced back in 2007.

We also believe that rules should state what to do, what to do not, how and when. Rules should also serve educational purposes, for example this quote:

should be a nice example of the aforementioned educational purposes.

It must be noted, while an amendment strategy like ours may be confusing, a good set of rules avoids confusion since everyone knows where he stands and where he will stand. We reckon that there is no perfect set of rules, but we'll try to get as close as possible.

Samantha Goldflake - Director

VSTEX Communication and Public Relations
http://www.vstex.net