11.   Competitive local exchange carriers, also known as CLECs, provide local telephone services in competition with regional Bells such as U S West.

12.   Eastern was the only company not granted a license to operate a local exchange network among those awarded service areas three years ago.

13.   In Connecticut, Gov. Lowell Weicker Jr. recently signed a bill opening every telephone market in the state -- from the local exchange provider on up -- to competition.

14.   Legislation in Taiwan to allow the local exchange to trade local futures has been stuck amid concern that local investors would speculate in risky commodity markets.

15.   Likely beneficiaries will be smaller local phone companies, known as competitive local exchange carriers.

16.   Latin Americans are also gaining more of a selection, as new types of hedge funds appear on local exchanges.

17.   Moreover, many smaller companies will first list on the local exchange before venturing abroad.

18.   Returns on an ADR are determined in large part by the sum of the return of the stock on the local exchange, plus the return of the currency.

19.   Rivals have complained that British Telecommunications has made it difficult for them to gain access to the local exchanges.

20.   Several firms, called competitive local exchange carriers or CLECs, already offer data and local voice services in California.