FOR IMMEDIATE RELEASE                       2000-101


        SEC Approves Options Intermarket Linkage Plan
                              
     Commission Also Issues Two Rule Proposals on Market
                        Fragmentation

      Washington, DC, July 25, 2000 -- The Securities and
Exchange Commission today approved an options intermarket
linkage plan that was jointly submitted by the Chicago Board
Options Exchange, International Securities Exchange and the
American Stock Exchange.  The Commission also approved a
rule proposal regarding the quotation obligations of options
exchanges and market makers, and disclosure by broker-
dealers of executions of customer options orders at prices
inferior to the quote.

      In addition, the Commission approved the issuance of a
second rule proposal  arising from its request for comments
on issues of fragmentation and internalization in the
securities markets.  The rule proposal would require greater
disclosure of order routing and order execution practices by
brokers and market centers.  Following publication in the
Federal Register, the public is encouraged to submit
comments on both proposals to the Commission in a 45-day
comment period.  Text of the rule proposals will be
available shortly on the SEC's website, www.sec.gov.

      The following additional materials are available:

      Fact Sheet: www.sec.gov/news/extra/mfrgfact.htm;

      Statement by Chairman Levitt: www.sec.gov/news/speeches/spch392.htm.

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