How does that work? As with ordinary Telstra shares, T3 instalments will be listed on the Australian Stock Exchange. They will be a separate security and future - Telstra investors will be able to buy T3 stock or ordinary Telstra shares. But as T2 investors saw, thanks to the leverage in the instalment structure, T3 is likely to be more volatile than ordinary Telstra shares. Between the T2 listing date in October 1999 and the start of October 2000, Telstra shares had fallen by about 14 per cent. It had been a horrible year: the tech wreck, doubts about Telstra's PCCW deal and the general sharemarket malaise had all taken their toll. But T2 instalments, with their greater leverage, had fared even worse and were down by about 33 per cent. T2 investors were faced with an unattractive choice: make the final payment on an investment and risk throwing good money after bad; or sell at a loss. As it turned out, the latter was the smarter strategy. You keep talking about leverage, but who would I be borrowing from?