11.   Yet for most midsize and small Japanese brokers, the complexity and cost of options trading outweigh the possible gains, traders and analysts said.

12.   Merrill Lynch and Morgan Stanley surpassed Japanese brokers for several months late last year as the most active traders on the Tokyo Stock Exchange.

13.   That came as Merrill Lynch and American investment bank Morgan Stanley surpassed Japanese brokers in November as the most active traders on the Tokyo Stock Exchange.

14.   The possible partners include five Japanese brokers and five U.S. and three European companies, Nasdaq Japan senior vice president Rich Bartolotta said.

15.   A Japanese broker said a continued setback in the construction sector unsettled retail investors and dealers.

16.   Buying of high-technology stocks by foreign investors was unlikely to emerge again before the end of December, Japanese brokers said.

17.   Top Japanese broker Nomura Securities Co. Ltd. revealed last Thursday two of its executives were suspected of being involved in illegal trading to make payments to sokaiya.

18.   Japanese brokers in Singapore said the price rise had been too quick and could have been fuelled by strong speculative interest.

19.   Japanese insurance broker Kyoritsu Co. opened a representative office in Shanghai on Wednesday, becoming the first foreign insurance broker to do so.

20.   Last month, top Japanese broker Nomura Securities Co. Ltd. revealed two of its executives were suspected of being involved in illegal trading to make payments to sokaiya.