FOR IMMEDIATE RELEASE                                     2000-8

  SEC Orders Securities Markets to Begin Trading in Decimals on
                          July 3, 2000
                                
       Decimal Pricing Implementation Plan Due in 45 Days

     Washington, DC, January 28, 2000 -- The Securities and
Exchange Commission today ordered the securities markets to begin
quoting securities prices in decimals by July 3, 2000.  The
Commission order requires the markets to submit a decimals
pricing implementation plan within 45 days and requires the
options and equities markets to phase in decimal pricing by year
end.  During the phase-in period the markets can quote equity
securities in price increments of up to 5 cents.  The markets
must also create and conduct a pilot program during the phase-in
period in which a sample of securities will be quoted in one cent
increments.
     
     At the end of the 6-month phase-in period the markets must
submit a study to the Commission regarding the impact of decimal
pricing on trading and capacity.  The study also should address
whether a uniform pricing increment is needed, and if so, what
that increment should be.  Absent further Commission action,
after submission of the study, each market is required to submit
for Commission consideration any rule changes necessary to
implement their choice of pricing increment.

     SEC Chairman Arthur Levitt said, "Decimal trading will
benefit investors by allowing greater competition and making it
easier to compare prices.  It will also bring about consistency
with foreign markets, which now trade in decimals.  We look
forward to working with the industry to ensure that the
transition to decimals goes smoothly."

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