FOR IMMEDIATE RELEASE                                     2000-28

  SEC Delays Submission Date for Decimal Pricing Implementation
                              Plan

     Washington, DC, March 10, 2000 -The Securities and Exchange
Commission today issued an Order changing from March 13, 2000 to
April 14, 2000 the date by which the securities industry plan for
phasing in decimal prices must be submitted to the Commission.
The Order also extends until April 28, 2000, the date by which
the self-regulatory organizations must submit to the Commission
proposed rule changes to implement decimal pricing.  At this
point, the Commission has not extended the July 3, 2000 date for
implementing decimal prices.

     The NASD recently announced that it would be unable to begin
implementing decimal pricing on the July 3, 2000 target date set
by the Commission in its January 28, 2000 order.  According to
the NASD, increased pressure on systems capacity has heightened
the difficulty of shifting to decimals.  As a result, the NASD is
doubtful that all sectors of the financial markets will be able
to make the transition to decimals this summer without exposing
investors to unnecessary risk.  In addition, other industry
participants have expressed concern about industry-wide
preparedness and the adequacy of testing before the July 3, 2000
target date.

     The Commission continues to discuss with the self-regulatory
organizations a viable decimal pricing implementation date, and,
more generally, how to implement decimals in a way and in a
timeframe that does not threaten the well-earned confidence that
U.S. investors have placed in our markets.  The Commission
remains committed to implementing decimal pricing in a timely and
orderly manner.

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