1.   And smaller brokerage firms had long pushed for sharing so they could offer clients the thousands of listings from the big brokerage firms.

2.   A marriage with a big bank would also benefit smaller brokerage firms by boosting their capital and broadening the services offered to clients, analysts said.

3.   A spectacular rally in Japanese stocks has rescued smaller brokerages from a wave of failures analysts said would engulf them.

4.   Historically, clearing firms have argued that they simply process trades and are therefore not responsible for policing practices at the smaller brokerage firms they count as customers.

5.   In addition, smaller brokerage firms and mutual fund companies have not had anti-laundering programs.

6.   Japanese stocks traded mixed as declines by smaller brokerages such as Kankaku Securities Co. after reports of poor earnings offset gains by exporters on a stable dollar.

7.   Kokusai Securities Co. and Sanyo Securities Co. denied a report that Kokusai will buy the smaller Japanese brokerage with help from Sanwa Bank Ltd.

8.   Smaller brokerages also slipped.

9.   Smaller brokerages are losing money as declining interest in stocks by individual investors cut commission revenues, the newspaper said.

10.   Smaller Japanese brokerages will likely be unable to keep up with larger brokerages in discounting fees.