11.   Lee says large brokerages such as Daewoo Securities and LG Securities will gain most from the cash payout, because they are the largest investors in the fund.

12.   Meanwhile, the large stock brokerages warn about the dangers of on-line investing, even as a growing number of individual investors are getting richer that way.

13.   NASD has been under Securities and Exchange Commission investigation for the last year and a half for alleged laxity toward large brokerage firms.

14.   Neither the NASD nor the Securities Industry Association, which represents most large brokerage firms, had immediate comment.

15.   Nine other large brokerages, including Lehman Brothers and Goldman Sachs, declined comment.

16.   Now the large brokerage companies like Merrill Lynch, PaineWebber and others that have provided the analysts are putting them directly before clients, via their own Web sites.

17.   On SOES terminals, market makers -- generally large brokerages -- post price quotes at which they would buy and sell stock.

18.   Problems connecting OptiMark with the order processing systems of large brokerage firms are behind the shortfall, Lupien said.

19.   Results from J.P. Morgan, Chase Manhattan Corp. and some large brokerage firms, for instance, showed earnings were battered overseas.

20.   Robert Locke, president of Crown Management, a large brokerage, said corporations still have more rooms to book.