1 Less regulatory-sensitive activities such as equity trading and advice on mergers and acquisitions should improve if and when economies rebound.

2 Equity trading was also suspended in several European exchanges, including those of Russia, Austria and Iceland.

3 By contrast, Nazareth says, the well-developed regulations for equity trading took shape over decades.

4 "There were some innovative products, but no true blockbusters," said Robert Francello, head of equity trading for Apex Capital hedge fund in San Francisco.

5 The question now, given that there is bound to be further consolidation of equity trading in eastern Europe, is where that liquidity will go.

6 Bloomberg's community of users gives it an edge in some areas including fixed income and equity trading, he said.

7 The combined company would hold a virtual monopoly in European derivatives trading, which is a much higher margin business than equity trading in the US.

8 The Tokyo market controls more than 90 percent of cash equity trading while Osaka, located in the economic center of western Japan, draws the top volumes in Nikkei index futures and other derivatives.

9 So far, arguments for blocking the merger have centered on the fear of a large chunk of US equity trading falling into foreign hands.