FOR IMMEDIATE RELEASE                                    2000-49

   SEC Stays Deadlines for Decimal Pricing Implementation and
  Requests Comment on Revised Decimal Implementation Schedules

     Washington, DC, April 13, 2000 -- The Securities and
Exchange Commission today issued an Order suspending the
deadlines for decimal pricing implementation set out in its
Orders of January 28, 2000 and March 10, 2000.  This action was
necessary due to the NASD's recently announced inability to meet
the originally planned implementation schedule for
decimalization.

     In today's Order, the Commission also requests comment on
two alternatives for initiating decimal pricing in exchange-
listed equity securities this year.  The first alternative would
begin decimal pricing in all exchange-listed securities by
September 4, 2000.  The second alternative would phase in decimal
pricing in certain exchange-listed securities on a pilot basis.
The Decimals Pilot, which could begin by September 4, 2000, would
initially include a small number of securities, but would expand
to include all listed securities by March 31, 2001.  Under both
alternatives, the NASD would begin trading in decimals by March
31, 2001.  After reviewing comments, the Commission will issue an
order establishing a new implementation schedule for decimal
pricing.

     The Commission remains committed to implementing decimal
pricing in a timely and orderly manner.  The Commission believes
that an important step in this process is determining how to
implement decimal pricing in a way that does not threaten the
well-earned confidence that U.S. investors have placed in our
markets.

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