For Immediate Release                                  99-69

      SEC, NASD, and NYSE to Convene Industry Summit To
             Address After-Hours Trading Issues

     Washington, DC, June 23, 1999 -- Securities and Exchange
Commission Chairman Arthur Levitt today announced that the
SEC, the National Association of Securities Dealers,  and the
New York Stock Exchange will jointly convene a summit on June
30, 1999 to explore issues raised by after-hours trading.

     Chairman Levitt said, "We will provide a forum for
various market participants to discuss this emerging issue,
and to ensure that the interests of investors are fully
protected before widespread trading begins after-hours."

     Representatives of the industry, alternative trading
systems, exchanges, clearing organizations, and consumer
groups are scheduled to participate.  Following the summit,
the SEC, NASD, and the NYSE will select working group
participants from a broad cross-section of the industry and
other interested parties.

     Key issues the working groups will address include:

* Investor protection and education:  Overall handling of
  retail orders; and educating investors about the risks and
  rewards of after-hours trading, including liquidity and price
  volatility;

* Clearance and settlement and operations:  Settlement
  cycles; back-office issues, such as calculation of margin;
  impact on small firms; and systems implications;

* Trading conventions:  Dissemination of market data;
  trading halts for corporate news and other developments; and
  inter-market trading rules, such as the short sales rule; and

* Options markets issues:  Coordination with the stock
  markets; dissemination of options market data; back office
  issues; and effects on exercise and settlement procedures.

     Chairman Levitt said, "The summit will begin an industry-
wide effort to address issues raised by after-hours trading
that impact our U.S. capital markets.  Our goal is to ensure
that market integrity and investor confidence remain strong,
regardless of when the markets are open."

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