1. On Monday of last week, the Dow Jones Industrial Average hit a record high while declining stocks overwhelmed advancing stocks by a two to one margin; that ominous divergence has never occurred in the past 75 years of market history and as a consequence, we are moving to a full .......... market defensive mode.

2. To ensure that seats on the NYSE are used properly, the preparation and approval of .......... agreement between the brokerage firm that provides the financing for the seat and the employee of the company who purchases the right to use the seat is vital, and it must be meet the qualifications established by the NYSE.

3. Trading was halted for more than three hours yesterday at five New York futures and options exchanges because of an electrical short in some damaged cables; to combat the problem, officials at the .......... Exchange Center improvised a temporary solution, and all five exchanges are expected to open as usual on Monday.

4. When a Federal .......... occurs traders have a number of days to bring the account balance or margin back to a less leveraged position, or the brokerage will be forced to liquidate positions to an acceptable level.

5. In the next few days, if these news reports have any credibility, I would think that a counter bid would be coming through, but I do not think the Tatas should be in a hurry to raise their offer until we see any real competition — at current valuations, it is fair because without the .......... stock, it is worth much less.

6. Price .......... of a Basis Point refers to the change in the price of a bond if the yield changes by 1 basis point (0.01%).

7. From time to time a small business, especially one performing contracting services, will be asked to .......... his work in advance; simply put, this is a third party obligation promising to pay if a vendor does not fulfill its valid obligations under a contract, a financial guarantee that he will honor the business contract.

8. A judgment in an action to .......... title is binding and conclusive on all persons known or unknown who were parties to the litigation and who have a claim to the property.

9. At expiry of the contract, the sellers of the future can deliver any bond with this residual maturity at a predetermined price, so only one of the bonds contained in the basket, the ..........-to-deliver, tends to be chosen.

10. Nonbusiness .......... must be totally worthless to be deductible, becoming worthless when the surrounding facts and circumstances indicate there is no longer any chance the amount owed will be paid.