31.   The Securities Industry Association, which represents large brokerages, had no immediate comment.

32.   The Securities Industry Association, which represents most large brokerage firms, called for further study of the proposal in a letter to the SEC this week.

33.   The Securities Industry Association, which represents most large brokerage firms, has applauded the bill.

34.   The SEC is investigating whether the NASD has been lax in enforcing rules against large brokerage firms.

35.   The Securities Industry Association, which represents most large brokerage firms, had no immediate comment.

36.   The Securities Industry Association, which represents most large brokerage firms, said that the inspections should be targeted at the few firms that are repeat offenders.

37.   They have been sharply criticized by Nasdaq officials and large brokerages for abusing a trading system intended for small investors.

38.   To facilitate securities lending, custodians typically forged relationships with large brokerage houses, which regularly need to borrow stocks for short periods of time.

39.   Under the settlement being discussed, disciplinary and hearing panels would be subject to less influence from large brokerage firms, the people said.

40.   An analyst at a large local brokerage commented there will be more local finance firms allowing higher foreign ownership ceilings.