3.7 lists the current status of several proposed alliances. Moreover, many markets are increasing their international focus. For example, the NYSE now lists about 400 non-U.S. firms on the exchange.     3.5 TRADING COSTS   Part of the cost of trading a security is obvious and explicit. Your broker must be paid a commission. Individuals may choose from two kinds of brokers: full-service or discount. Full-service brokers, who provide a variety of services, often are referred to as account     4 The Economist, June 17, 2000. This issue has an extensive discussion of globalization of stock markets. At that time, the most likely partner for Nasdaq was the iX exchange, which was to be the name of an exchange formed from a proposed merger between London and Frankfurt. However, the London-Frankfurt merger fell through. Many observers believe that Nasdaq is now contem- plating an alliance with the London Stock Exchange. I. Introduction 3. How Securities Are Traded The McGraw−Hill Companies, 2001           84 PART I Introduction     Table 3.7 Choosing Partners: The Global Market Dance   Recent alliances between stock exchanges and their status   Market(s) Action/Partner Status   NYSE/Tokyo Stock Exchange Cooperation agreement Discussion of common listing standards   Osaka Securities Exchange (OSE), Joint venture Trading expected to begin June 30, 2000 Nasdaq Japan Planning Co.*   Nasdaq, Stock Exchange of Co-listing agreement Starts trading end of May 2000 Hong Kong   Nasdaq Canada Co-listing agreement with Announced April 26, 2000 Quebec Government