21.   NASD has come under increasing criticism in the last two years about whether the way securities are traded and priced is fair to investors.

22.   Most publicly traded securities firms trade at between one and three times book.

23.   No securities are traded yet, though six companies have requested applications.

24.   Once all securities are being traded electronically, the exchange will be open longer.

25.   Plessey advised shareholders to exercise caution in trading the securities, pending a further announcement.

26.   Processing a securities transaction takes three days, and professional investors who traded securities on Wednesday had received electronic confirmation of their deals by Sunday.

27.   R.C. Mathur, executive director of the exchange, said the Bombay bourse is an exception in that no permitted securities are traded there.

28.   Securities dealers who lead the selling of new issues collect additional revenue from trading the securities they previously sold.

29.   So Japanese would prefer to trade American securities during our night, when Japan is awake, rather than during their night, when we are awake.

30.   The brokerage has also lost money as customers bar it from underwriting their corporate bonds or refuse to trade securities through it.