1.   At least one-quarter of the trading on the Tokyo Stock Exchange is done by foreign brokerages.

2.   At present, only five foreign brokerages with Taiwan branches can handle such trades.

3.   At the start of trading, sell orders from ten major foreign brokerages in Tokyo were more than double buy orders, traders said.

4.   But the Chinese were unwilling to let foreign brokerages compete for Chinese customers.

5.   Declines in the U.S. usually prompt foreign brokerages to sell equities in Japan to repatriate funds, said Takeshi Nakamura, a manager at Daiwa Securities Co.

6.   Empire East Land Holdings Inc. surged for a fourth day after regulators said foreign brokerages may have conspired to drive down its share price between March and May.

7.   Foreign brokerage firms have been hurt because of the cost of maintaining expatriates in Tokyo.

8.   Foreign brokerages, for their part, are most interested in a seat on the exchange.

9.   In Japan, the union of Salomon and Smith Barney will create the fourth-biggest foreign brokerage in terms of employees, assuming no layoffs occur.

10.   Investors are snapping up Gudang Garam shares as a result, according to a trader with a foreign brokerage who asked not to be named.