1.   Among the issues to be resolved in a merger is the difference in the market value of seats on the two exchanges.

2.   As it is now, the same stock can have three different prices on the three exchanges.

3.   A solid roadmap of how the seven exchanges will proceed is expected by the fall, but trading is not expected to begin until next year.

4.   Additional cooperation could begin in the next few months, as the two exchanges broaden their offerings, exchange officials said.

5.   But the two exchanges also believe they have little choice but to expand overseas.

6.   But the two exchanges also plan to form a joint venture with Nasdaq, which is focused on the same kinds of small technology stocks in the United States.

7.   Caballero said the three exchanges continue to work on an interconnection of the bourses in Colombia.

8.   Electronic trading will begin Monday, eliminating the trading floor on the two exchanges.

9.   Eventually, the three exchanges will be linked together, allowing electronic trading from one city to the next.

10.   Following a joint meeting, the boards of the two exchanges issued a statement saying a merger would save money by eliminating duplicated administration.