21.   Each exchange would have veto rights on key issues.

22.   Exchanges have lower retail markups, charge no sales tax and offer cheaper financing than their commercial rivals.

23.   For starters, the exchange has technology on its side.

24.   He said the exchange had no plans to seek unlisted trading privileges in any individual stocks.

25.   In practice, the exchange has the hardest job in Italian finance.

26.   It was not clear whether the testy exchange of post-oral argument arguments would have any impact on the court.

27.   Private exchanges have many guises.

28.   Proponents argue that exchanges have a self-interest in ensuring that their markets are fairly regulated without creating unnecessary burdens that would drive customers to other markets.

29.   Prices depend largely on how many computers the exchange has in stock and how strong the demand is for particular models.

30.   Richard A. Grasso, chairman of the stock exchange, has said that the exchange has to consolidate its trading operations into a single modern complex to compete globally.