The N.A.S.D. routinely eliminates items like customer complaints, arbitration complaints that have been filed but not decided and even dismissals for cause.

James P. O'Donnell, executive vice president at the N.A.S.D., says he personally supports the notion of a change that would mean releasing pending arbitration complaints.

Some of those lawyers said Friday that they are preparing to file lawsuits or arbitration complaints against brokerage houses.

Mr. Ortiz, the Olde lawyer, said that as a matter of policy, he would not comment on details of any pending arbitration complaint.

A broker in the firm's Hong Kong office has been accused of selling inappropriate investments, and 10 investors have filed arbitration complaints against the firm.

Another four in San Francisco - including one who borrowed on his credit cards to make the investment - have filed a separate arbitration complaint.

And an attorney for a Singapore investor was readying yet another arbitration complaint against Salomon last week when Salomon contacted the client to suggest settlement talks.

This and similar issues led the players to bring an arbitration complaint against the owners, which they won in 1992 with a settlement of some $60 million.

By February 1988, like thousands of other investors stung by Black Monday, she had filed an arbitration complaint against her broker and Shearson for misrepresentation.

The three became partners in a joint venture with Nine West in 1984, and recently filed an arbitration complaint against the company over the prices it was charging their stores for shoes.