A new approach to the generation of storm-associated ULF waves with di
screte spectra (ion cyclotron harmonic waves) observed in the equatori
al plasmasphere is presented. It is proposed that the appearance of wa
ves with phase velocities smaller than the Alfven velocity is connecte
d with a strong dispersion of magnetosonic waves near the bi-ion frequ
ency occurring in the presence of oxygen ions of ionospheric origin. T
he waves are generated by an instability involving hot oxygen ions wit
h loss cone or ring like distributions. Such ions are found in the mag
netosphere during magnetic storms. A simple analytical model of this i
nstability is elaborated. It is shown that ULF wave observations on bo
ard Akebono satellite are in a reasonable agreement with the present t
heoretical approach.