11.   Madoff said the move might put pressure on the Big Board and the regional exchange to follow suit.

12.   Merrill and other large brokers who conduct specialist operations on regional exchanges face a dilemma over the flow of buy and sell orders.

13.   Most securities bought and sold there can be traded on regional exchanges.

14.   Much of that happened through small regional exchanges and informal community networking.

15.   Of the regional exchanges, only Philadelphia managed to trade any stock before New York opened.

16.   Philadelphia is the second smallest of the regional exchanges, which generally trade shares of companies that are listed on the New York Stock Exchange.

17.   Regional exchanges keep the big ones on their toes.

18.   Researchers from the University of Notre Dame and Indiana University recently examined programs in Boston and on the Cincinnati regional exchange that promote internalization.

19.   Regional exchanges, such as the Pacific, Chicago and Philadelphia, routinely trade stocks and ETFs listed elsewhere.

20.   Regional exchanges are the sole markets for some small local stocks, but the vast majority of their business involves trading bigger stocks listed on other markets.