21.   While large firms usually clear for themselves, smaller brokerage firms often clear through other firms.

22.   Smaller brokerages will probably need to develop specialized skills in order to survive.

23.   Smaller brokerages are trying to survive the increasing competition by merging to form larger firms.

24.   Wholesale securities business at the three banks will be integrated, while affiliate second-tier and smaller brokerages may be reorganized, the paper said.