1.   All members will have met stringent capital adequacy requirements before being accepted.

2.   In its discussion papers the Bank explicitly avoided reference to any minimum capital requirements.

3.   However, this should be seen against the background of the varying capital adequacy requirements for FIMBRA regulated firms.

4.   Capital requirements that are higher than necessary will almost certainly reduce the number of participants.

5.   However, this must be balanced against the increased risk of default which would come with excessively low capital requirements.

6.   Also feeding the merger speculation is an order by the Bangko Sentral ng Pilipinas imposing higher capital requirements.

7.   Among other recommendations, the panel would make it easier for companies to enter the brokerage business by reducing barriers to entry such as capital requirements.

8.   And there are higher capital requirements for brokers and traders to cover losses.

9.   And none of the dollars that the bank invests in its subsidiary could be counted toward its capital requirement.