11.   Abolishing fixed commissions on stock trading -- the bread and butter business of Japanese brokerages -- may kill some small and mid-sized shops, like Sanyo.

12.   Adding to uncertainty in the financial system, Sanyo Securities Co. yesterday became the first listed Japanese brokerage since World War II to seek court protection from creditors.

13.   After two Japanese brokerages and two banks failed last month, Japanese financial institutions are having trouble procuring dollars overseas because of their higher risk.

14.   All Japanese brokerages now charge the same commissions.

15.   Deregulation of trading commissions will only worsen the plunge in trading fees Japanese brokerages have suffered the past six years due to the prolonged Japanese bear market.

16.   Dresdner is already selling overseas mutual funds through mid-size Japanese brokerages, said Malt.

17.   Echigo Securities Co., a Japanese brokerage, said it will close its doors.

18.   Five Japanese brokerage firms collapsed this year, creating opportunities for foreign firms in Japan.

19.   For the first time, Japanese brokerages will be forced to compete on the fees they charge for trading stocks and underwriting new stock and bond issues.

20.   He also said Japanese banks agreed to link their automatic teller machines with those of Japanese brokerages.