"There is nothing on the face of the stipulated order naming an arbitration forum different from the one already named by defendants in accordance with the agreement", he observed.

On this score, the agency found that arbitration forums lacked the internal controls necessary to insure that arbitrators are adequately trained for today's increasingly complicated cases.

Member firms cover 75 percent of the costs associated with the group's arbitration forum, and investors pay the remaining 25 percent, she said.

Customers theoretically can choose among a number of arbitration forums.

International courts should be distinguished from international arbitration forums.

She also wrote that "in the arbitration forums of Wall Street, (investors) will recover less than 44 cents of every dollar they lost."

The exchange stepped in to try to persuade a judge to send the dispute back to an arbitration forum run by the exchange, where Merrill wanted it.

Furthermore, when presented with a choice of arbitration forums, investors are increasingly choosing the N.A.S.D. to resolve their disputes.

The bar that plaintiffs must clear is much lower in arbitration forums than in federal court.

They also do not include arbitrations going before the New York Stock Exchange or other arbitration forums.