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  <TITLE> HyperFeed Technologies, Inc. (Form: 8-K) </TITLE>
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  		UNITED STATES<BR>
  	SECURITIES AND EXCHANGE COMMISSION
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  	WASHINGTON, D.C. 20549
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  	FORM 8-K
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  	CURRENT REPORT
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  	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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  	Date of Report (Date of Earliest Event Reported):
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  	&nbsp;
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  	March 30, 2006
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  	HyperFeed Technologies, Inc.
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  <BR>__________________________________________<BR>
  	(Exact name of registrant as specified in its charter)
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  	Delaware
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  	0-13093
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  	36-3131704
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  _____________________<BR>
  	(State or other jurisdiction
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  _____________<BR>
  	(Commission
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  ______________<BR>
  	(I.R.S. Employer
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  	of incorporation)
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  	File Number)
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  	Identification No.)
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  	&nbsp;&nbsp;
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  	&nbsp;
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  	300 South Wacker Drive, Suite 300, Chicago, Illinois
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  	60606
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  _________________________________<BR>
  	(Address of principal executive offices)
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  	&nbsp;
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  ___________<BR>
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  	Registrant&#146;s telephone number, including area code:
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  	&nbsp;
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  	312-913-2800
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  	Not Applicable
  <BR>______________________________________________<BR>
  	Former name or former address, if changed since last report
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  	&nbsp;
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  <!-- CoverPageRegistrant END --><P><FONT SIZE="2">
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:</FONT>
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  <P><FONT SIZE="2">
  [&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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  	Item 1.01 Entry into a Material Definitive Agreement.
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  The information provided under Item 2.03 below is incorporated by reference under this Item 1.01.
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  	Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
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  On March 30, 2006 HyperFeed Technologies, Inc ("HyperFeed") issued a Secured Convertible Promissory Note to PICO Holdings, Inc. ("PICO") in the amount of $10,000,000 at an interest rate of the prime rate plus 2.75% per annum compounded monthly.  HyperFeed had previously borrowed $4,160,000 from PICO in a Promissory Note dated March 15, 2006.  The principal and accrued and unpaid interest under said March 15, 2006 Promissory Note is included in the March 30, 2006 Secured Convertible Promissory Note, and the March 15, 2006 Promissory Note has been cancelled.<br><br>The March 30, 2006 Secured Convertible Promissory Note may be drawn upon from time to time by HyperFeed.  PICO has the right at any time to convert the outstanding principal and the accrued and unpaid interest into common stock of HyperFeed at a conversion price equal to the lesser of 80% of the five-day moving average price per share on the date of PICO&#x2019;s election to convert or 80% of $1.05.  The principal and accrued and unpaid interest are payable to PICO on the date prior to the second anniversary of the March 30, 2006 Secured Convertible Promissory Note.<br><br>The Warrant accompanying the March 30, 2006 Secured Convertible Promissory Note gives PICO the right for three years to purchase 125,000 common shares of HyperFeed at a price of $1.05 per share.  <br><br>PICO owns 80.1% of HyperFeed&#x2019;s common stock.<br>
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  	Item 9.01 Financial Statements and Exhibits.
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  (a)	Not applicable<br>(b)	Not applicable<br>(c)	Not applicable<br>(d)	Exhibits<br><br>Exhibit 10.1 -- Secured Convertible Promissory Note dated March 30, 2006 and accompanying Warrant.
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  	SIGNATURES
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  	Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
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  	HyperFeed Technologies, Inc.
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  	&nbsp;&nbsp;
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  <I>
  	March 31, 2006
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  <I>
  	By:
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  <I>
  	Gemma Lahera
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  	&nbsp;
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  <I>
  	Name: Gemma Lahera
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  <I>
  	Title: Principal Accounting Officer
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  	Exhibit&nbsp;Index
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  	Exhibit No.
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  	&nbsp;
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  	Description
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  	10.1
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  	&nbsp;
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  Secured Convertible Promissory Note dated March 30, 2006 and accompanying Warrant.
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_11322.htm", "description": "LIVE FILING", "secsgml_size_bytes": 11668}]
metadata_filer: {"company-data": {"conformed-name": "HYPERFEED TECHNOLOGIES INC", "cik": "0000745774", "assigned-sic": "6200", "irs-number": "363131704", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-11108", "film-number": "06725255"}, "business-address": {"street1": "300 S WACKER DR", "street2": "STE 300", "city": "CHICAGO", "state": "IL", "zip": "60606", "phone": "3129132848"}, "mail-address": {"street1": "300 SOUTH WACKER DR", "street2": "SUITE 300", "city": "CHICAGO", "state": "IL", "zip": "60606"}, "former-company": {"former-conformed-name": "PC QUOTE INC", "date-changed": "19920703"}}
text: HyperFeed Technologies, Inc. (Form: 8-K)
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, D.C. 20549
  FORM 8-K
  CURRENT REPORT
  Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  Date of Report (Date of Earliest Event Reported):
  March 30, 2006
  HyperFeed Technologies, Inc.
  __________________________________________
  (Exact name of registrant as specified in its charter)
  Delaware
  0-13093
  36-3131704
  _____________________
  (State or other jurisdiction
  _____________
  (Commission
  ______________
  (I.R.S. Employer
  of incorporation)
  File Number)
  Identification No.)
  300 South Wacker Drive, Suite 300, Chicago, Illinois
  60606
  _________________________________
  (Address of principal executive offices)
  ___________
  (Zip Code)
  Registrant's telephone number, including area code:
  312-913-2800
  Not Applicable
  ______________________________________________
  Former name or former address, if changed since last report
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:
  [  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  [  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  [  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  [  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Top of the Form
  Item 1.01 Entry into a Material Definitive Agreement.
  The information provided under Item 2.03 below is incorporated by reference under this Item 1.01.
  Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
  On March 30, 2006 HyperFeed Technologies, Inc ("HyperFeed") issued a Secured Convertible Promissory Note to PICO Holdings, Inc. ("PICO") in the amount of $10,000,000 at an interest rate of the prime rate plus 2.75% per annum compounded monthly.  HyperFeed had previously borrowed $4,160,000 from PICO in a Promissory Note dated March 15, 2006.  The principal and accrued and unpaid interest under said March 15, 2006 Promissory Note is included in the March 30, 2006 Secured Convertible Promissory Note, and the March 15, 2006 Promissory Note has been cancelled.
  The March 30, 2006 Secured Convertible Promissory Note may be drawn upon from time to time by HyperFeed.  PICO has the right at any time to convert the outstanding principal and the accrued and unpaid interest into common stock of HyperFeed at a conversion price equal to the lesser of 80% of the five-day moving average price per share on the date of PICO's election to convert or 80% of $1.05.  The principal and accrued and unpaid interest are payable to PICO on the date prior to the second anniversary of the March 30, 2006 Secured Convertible Promissory Note.
  The Warrant accompanying the March 30, 2006 Secured Convertible Promissory Note gives PICO the right for three years to purchase 125,000 common shares of HyperFeed at a price of $1.05 per share.
  PICO owns 80.1% of HyperFeed's common stock.
  Item 9.01 Financial Statements and Exhibits.
  (a)	Not applicable
  (b)	Not applicable
  (c)	Not applicable
  (d)	Exhibits
  Exhibit 10.1 -- Secured Convertible Promissory Note dated March 30, 2006 and accompanying Warrant.
  Top of the Form
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
  HyperFeed Technologies, Inc.
  March 31, 2006
  By:
  Gemma Lahera
  Name: Gemma Lahera
  Title: Principal Accounting Officer
  Top of the Form
  Exhibit Index
  Exhibit No.
  Description
  10.1
  Secured Convertible Promissory Note dated March 30, 2006 and accompanying Warrant.