You are prepared to pay higher transaction and fixed costs just to establish a web presence.

ADABAS is now widely used in applications that require very high volumes of data processing or in high transaction online analytical processing environments.

The regional exchanges have been able to lure some orders from discount brokers and regional brokerage houses that wanted to avoid paying the Big Board's higher transaction fees as well as to find the best price available on any exchange.

In part, that reflects higher transaction and tax costs that investors must bear because of the high turnover rates for many funds' portfolios.

This group says academic studies were seriously flawed because they ignored the higher transaction costs incurred when trading small stocks.

Other brokers in the Hamptons said that they, too, were witnessing ever higher transactions.

This allows developers to add "distribution awareness" to applications by partitioning based on a sub-key that is common to all rows being accessed by high running transactions.

There were some fears however that only a small number of member firms would survive, and the concentration of business amongst a few firms would lead to higher transactions costs and hence lower turnover and liquidity.

The deal, he said, is at about 10.5 times this year's cash flow, compared to multiples as high as 17.5 times on some earlier hotel transactions.

Moreover, for sufficiently high transaction costs it is found, by estimating CAPMs, that technical trading shows no statistically significant risk-corrected out-of-sample forecasting power for almost all of the stock market indices.