* Jury considers evidence from month-long trial

* Requests explanation on venue of charges

* Asks for witness testimony on pay (Recasts with requests from jury on venue of case and defendants' pay, deliberations end for day)

By Grant McCool

NEW YORK, Nov 9 (Reuters) - Pay and venue were the focus of a jury's early deliberations on Monday in the trial of two former Bear Stearns hedge fund managers accused of fraud over dealings in mortgage-backed securities early in the financial crisis.

"Please explain venue further," said one of the first notes to the judge from the 12-member jury in federal court in Brooklyn, New York, who also asked to rehear testimony on the compensation of defendants Ralph Cioffi and Matthew Tannin between 2001 and 2007.

Although the trial is the first against high-profile Wall Streeters who worked in the borough of Manhattan, the charges were brought in the federal district that includes the borough of Brooklyn. The judge explained to the jury that venue means the government need only prove the offenses took place within the district by a preponderance of the evidence, a lesser standard than proof beyond a reasonable doubt.

It was not clear why the jury sent the note. In his closing arguments last Thursday, Cioffi's lawyer raised the issue. Prosecutors said some investors who lost money were based in the district.

Whether the government is successful in its case against Cioffi, 53, and Tannin, 48, could influence the aggressiveness of other investigations arising from the market meltdown.