Under the offer, the firms must disclose the names of those investors.

Thus far, however, the firm has not disclosed the terms it will impose on licensees.

Markets Salomon's former head of securities trading was paid more than $11 million in the last three years, the firm disclosed.

Whenever a firm would not disclose information, the magazine said, it made an "informed estimate."

The firm disclosed in bankruptcy court recently that those costs for June through August came to $19 million.

The firm will also disclose publicly how it sets fees.

The firms did not disclose the terms of the deal.

The firm did not disclose what it paid.

But the firm disclosed the next week that it had voted with management.

He said the number of clients the firm disclosed had jumped because the city tightened its disclosure rules in 1993.