1.   Another would liberalize commissions on securities transactions so that brokers could offer discount services.

2.   It has to prepare to function on a deregulated basis, and brokerages must prepare to face stiffer competition once trading commissions are liberalized.

3.   The Ministry of Finance, which regulates the stock market and most other areas of Japanese finance, has been reluctant to liberalize brokerage commissions.

4.   The proposal to liberalize stock commissions would mean declining earnings as securities houses compete on price.

5.   They party called for letting banks sell stocks, liberalizing brokerage commissions and abolishing securities transaction taxes from next year.

6.   Traders said that while the top securities companies will survive such changes, many medium and smaller companies could collapse because of the LDP proposal to liberalize stock commissions.