The AMPTE IRM wave instrument has been applied to the study of flux transfer events (FTE's). This initial investigation concentrates on FTE's observed in the magnetosphere during the fall of 1984. The wave morphology consists of four significant features: at frequencies below the ion gyrofrequency, magnetic fluctuations occur with amplitudes of the order of 1 nT; at frequencies from a few hertz to a few hundred hertz, electric field fluctuations are observed which have a broadband amplitude of a few millivolts per meter, which are perpendicularly polarized at the lowest frequencies, and which are partly electrostatic and partly electromagnetic; in the frequency range from 100 Hz to 10 kHz, broadband spikelike waves occur with a time-averaged amplitude of about 0.1 mV/m; and near the electron plasma frequency, bursts of waves occur at the boundaries of FTE's. In none of the 25 events surveyed does the total broadband amplitude of all the waves exceed a few millivolts per meter, an amplitude far too small to provide the dissipation required by ''traditional'' reconnection models in which the dissipation region has a thickness the order of an ion gyroradius. Thus, either all of the FTE's are observed at some distance from the difusion region, or the observable waves play no significant role in the diffusion process, or ''traditional'' reconnection models do not apply to reconnection in FTE's. ¿American Geophysical Union 1987