11.   At that time, remarks by the mayor indicated that windfalls are to be had by exchanges that demand them.

12.   Bickford added that the exchange had had no complaints about the trading of Spiders shares last October.

13.   Both exchanges have electronic trading platforms, but neither exchange believes this is the most efficient way to trade contracts, she said.

14.   After two weeks, the exchanges had the quality of a tired ritual.

15.   Business cooperation has been limited to a few fields like agriculture, but broader business exchanges have yet to happen.

16.   But in the last two years, many exchanges have had difficulty starting and many others have closed.

17.   But some electronic exchanges do not have such limits.

18.   But the defendants say they must be judged differently from Napster because the new exchanges have a fundamentally different technological underpinning.

19.   By the end of this month the exchange will have brokers out of day-to-day administration.

20.   Does the exchange have a future?