41.   To comply with existing law, Citigroup could divest of insurance underwriting businesses or seek to be regulated under a different type of bank charter.

42.   Wall Street firms are now prohibited from making campaign contributions to local politicians that hand out bond underwriting business.

43.   Furthermore, while ING was considered a big player in the equities market, neither ING or HSBC had made a name for itself in the lucrative underwriting business.

44.   The decline in deals is bad news for investment banks, many of whom are also suffering from declines in their other underwriting businesses.

45.   The brokerages are positioned to benefit from new underwriting business if Nasdaq Japan becomes the first-choice market for startups eager to go public.

46.   The Industrial Bank of Japan Ltd. hired a Japanese-born executive away from a U.S. investment bank to lead a move into the underwriting business.