31.   The seven regional exchanges have complained that they were being excluded from the system, which was developed by the Deutsche Boerse.

32.   The regional exchanges have no indications of any actual improper NYSE pressure, Crofwell said.

33.   They maintain that small investors have benefited from the competition that Cincinnati and other regional exchanges have stirred up.

34.   Those orders still must be processed through a stock exchange, and the NYSE competes with the five regional exchanges for these orders.

35.   Those orders still must be processed through a stock exchange, and the NYSE competes with the five regional exchanges for the orders.

36.   Under New York rules, however, Pacific and other regional exchanges are able to trade shares of the companies it lists.

37.   He said one important issue remaining to be explored was the further development of regional exchanges between defense authorities.

38.   In Asia, an earlier rally in stocks petered out and left some regional exchanges with losses.

39.   Last month, a three-way regional exchange was formed by stock markets in Paris, Brussels and Amsterdam.

40.   NYSE- and Amex-listed stocks trading on regional exchanges were also counted.