The design of the system was begun about six months ago, exchange members said.

But none of the panels include people who are not exchange members.

The issue was discussed with exchange members during a July 10 meeting, though no decisions have been made yet.

They will be accepted after the exchange members approve the changes.

The exchange members voted earlier this year to pay its next chairman a salary.

But at a closed meeting late yesterday, some exchange members said they wanted a bigger stake in the new combined company.

The exchange member will be bound by the rules to which he has consented.

He was also banned from associating with any exchange member in that period.

Some exchange members said yesterday that the fury over compensation was dying down.

They would also be required to wear identification tags so other exchange members could know who was in a broker association.