11.   Smaller brokerages also fell.

12.   Smaller brokerages declined following a report their earnings will be poor.

13.   Smaller brokerages fell on concern that the sluggish economy may reduce trading on the Tokyo Stock Exchange.

14.   Some smaller brokerages, which pull in more of their revenue from trading commissions, have risen even more than the industry heavyweights.

15.   Smaller brokerages are already suffering.

16.   Smaller brokerages were also sold off.

17.   The smaller brokerage firms were the biggest winners today, traders said.

18.   The Stock Exchange of Hong Kong said activity in smaller brokerages, which caters mostly to retail investors, increased by a third this past year.

19.   These groups, he said, include smaller brokerage houses and insurance companies, which lack the services to compete in a more open market.

20.   Trading commissions, the bread-and-butter revenue sources for smaller brokerages, have declined as a series of scandals have spooked away smaller investors.