1.   If brokerages trade derivatives directly instead of through offshore affiliates, Lindsey said, they would suffer fewer losses if their institutional customers go bankrupt.

2.   Investors are concerned that U.S. stocks will tumble further when U.S. trading starts later today, traders said.

3.   There are only so many things a company can do when its stock is trading below a dollar, says Kathleen Heany, an analyst with Bluestone Capital.

4.   Refiners sold to lock in profits and to hedge themselves against lower prices until the buying dried up, trading sources said.

5.   The United States and Japan will hold consultations later this month to try to resolve their automotive dispute, a senior US trade official said Wednesday.