Short Sale Price Provisions (Order Suspending Operation for Designated Securities and Time Periods)

UNITED STATES OF AMERICA
BEFORE THE
SECURITIES AND EXCHANGE COMMISSION

Securities Exchange Act of 1934
Release No. 50104 / July 28, 2004

ORDER SUSPENDING THE OPERATION OF SHORT SALE PRICE PROVISIONS FOR DESIGNATED SECURITIES AND TIME PERIODS

The Securities and Exchange Commission ("Commission"), by this Order, is establishing a Pilot ("Pilot") suspending the provisions of Rule 10a-1(a) under the Securities Exchange Act of 1934 (the "Act")1 and any short sale price test of any exchange or national securities association for: (1) short sales2 in the stocks identified in Appendix A to this Order; (2) short sales in any security included in the Russell 1000 index effected between 4:15 p.m. EST and the open of the consolidated tape3 on the following day; and (3) short sales in any security not included in paragraphs (1) and (2) above effected in the period between the close of the consolidated tape and the open of the consolidated tape the following day. The Commission is establishing this Pilot for a one-year period commencing on January 3, 2005. The Commission may issue subsequent orders that affect the operation of the Pilot. The Commission finds that the Pilot is necessary and appropriate in the public interest and consistent with the protection of investors.4

I. Short Selling In Designated Securities

During the term of the Pilot, all short selling in the securities identified in Appendix A to this Order shall be effected without regard to the provisions of Rule 10a-1(a) and any short sale price test of any exchange or national securities association. As discussed below, the Commission has selected a subset of stocks from the Russell 3000 index for inclusion in the Pilot, after giving due consideration to the liquidity, volatility, market depth and trading market of these securities.

A pilot that includes a subset of securities from the Russell 3000 provides a balanced and targeted approach to assessing the efficacy of a price test for short sales for a broad range of securities. The average daily dollar volume for the securities in the Russell 3000 index in 2003 was $22.9 million dollars.

We selected the securities to be included in the Pilot by first excluding the 32 securities in the Russell 3000 index as of June 25, 2004 that are not Nasdaq national market securities ("NNM"), listed on the American Stock Exchange ("Amex"), or listed on the New York Stock Exchange ("NYSE") because short sales in these securities are currently not subject to a price test. We also excluded issuers whose initial public offerings commenced after April 30, 2004.5 We then sorted the remaining securities into three groups -- Amex, Nasdaq NNM and NYSE -- and ranked the securities in each group by average daily dollar volume over the one year prior to the issuance of this order from highest to lowest for the period.6 In each group, we then selected every third stock from the remaining stocks.7

The Pilot stocks consist of 50% NYSE listed securities, 2.2% Amex listed securities, and 47.8% Nasdaq NNM securities. The Pilot stocks include stocks that have associated options trading on a registered options exchange or Nasdaq (63.7% of Pilot stocks) and associated securities futures (2.8% of Pilot stocks).8

The Pilot includes securities with varying levels of liquidity, which will enable us to examine whether the absence of a short sale price test affects less liquid and more liquid securities differently. We do not believe that there is sufficient volatility in these securities so as to make them inappropriate for inclusion in the Pilot. In addition, these securities have significant market depth, and are traded on exchanges or other organized markets with high levels of transparency and surveillance, which will enhance the ability of the Commission and self-regulatory organizations ("SROs") to monitor trading behavior during the Pilot and surveil for manipulative short selling.

The remaining stocks in the Russell 3000 index will function as the control group.9 The securities in the control group are similar to the stocks in the Pilot group in terms of the percentage of NYSE, Amex, and Nasdaq securities, as well as securities for which there are associated options and single stock futures.10

We are establishing the Pilot as part of the Commission's review of short sale regulation.11 The Pilot is in the public interest because it will assist us in assessing whether changes to short sale regulation are necessary in light of current market practices and the purposes underlying short sale regulation.12 The Pilot will enable us to obtain empirical data to help assess whether short sale regulation should be removed, in part or in whole, for actively-traded securities, or if retained, should be applied to additional securities. The Pilot will allow us to study trading behavior in the absence of a short sale price test on the stocks selected by comparing the trading behavior of the control group stocks to that of the Pilot stocks through empirical analysis. We will examine, among other things, the impact of price tests on market quality (including volatility and liquidity), whether any price changes are caused by short selling, costs imposed by a price test, and the use of alternative means to establish short positions.

We do not believe that any variations in prices and trading activity between the Pilot stocks and similar securities not subject to the price test will be problematic. The risk of any adverse impact on the Pilot securities is expected to be small, particularly relative to the benefits of obtaining empirical data regarding trading behavior in the absence of a short sale price test.13 A large number of Pilot stocks are actively traded, and as we have previously stated, we believe that actively traded securities are less susceptible to manipulation.14 In addition, the Commission and the SROs will monitor trading activity during the Pilot and surveil for manipulative short selling.

We believe that a one-year Pilot will allow the Commission sufficient time to gather and analyze data necessary to reach conclusions regarding trading behavior in the absence of short sale price restrictions. The Commission, however, may, by further order, terminate, extend the period of, or modify the Pilot as it determines necessary or appropriate in the public interest or for the protection of investors. In addition, the Pilot will suspend only the operation of short sale price tests. All other short sale rules, including the other provisions of Rule 10a-1,15 the marking, locate and delivery requirements adopted under Regulation SHO,16 and applicable SRO rules, will remain in effect.

II. Short Selling During After-Hours Trading

During the Pilot, short sales: (1) in any security included in the Russell 1000 index effected after 4:15 p.m. EST and the open of the consolidated tape on the following day; and (2) in any security not included either in paragraph (1) or in the designated securities described in Section I above effected between the close of the consolidated tape and the open of the consolidated tape on the following day, shall be effected without regard to the provisions of Rule 10a-1(a) and any short sale price test of any exchange or national securities association.

Securities in the Russell 1000 index are appropriate for inclusion in a Pilot examining short sales between 4:15 p.m. and the close of the consolidated tape.17 The Russell 1000 index represents a broad range of securities; it comprises 1,000 of the largest companies in the Russell 3000 index (approximately 92% of the total market capitalization of the Russell 3000 index).18 Although there is limited trading volume in these securities after 4:15 p.m., we believe the liquidity is sufficient to allow us to examine the impact of removing short sale price tests.

Moreover, we believe securities in the Russell 1000 index are less susceptible to manipulative short selling in the absence of a price test after 4:15 p.m. than securities of issuers with a lower market capitalization. A subset of the Russell 3000, the Russell 1000 securities generally trade on exchanges or other organized market centers, and we believe that as a result, the investment community widely follows Russell 1000 index securities. Any aberrations in price are likely to be observed and addressed quickly. In addition, while after-hours trading has grown in recent years, the volume is relatively small compared to the volume of trading occurring during regular trading hours when liquidity is greatest and prices reflect active market interest.19 Thus, the impact of any manipulative short selling after hours would be less than the effect of such activity during regular market hours because after-hours prices are not widely viewed as indicative of normal market prices. Further, we do not believe that there is sufficient volatility in these securities after hours so as to make them inappropriate for inclusion in the Pilot. The lack of significant market depth in these securities after hours will allow us to examine what effect, if any, removing a short sale price test has where information on buy and sell orders is not as readily available.

This portion of the Pilot will allow us to examine whether removing a price test after the close of regular trading in securities included in the Russell 1000 index would benefit investors and the markets by increasing liquidity and pricing efficiency in these securities in the after-hours market. We will also be able to study whether the absence of a short sale price test enhances a broker-dealer's ability to facilitate customer orders in a security at a specific reference price, such as the closing price or volume weighted average price, that are often executed in the after-market.

For these reasons, we believe that it is appropriate that the Pilot include the suspension of all price tests for all securities included in the Russell 1000 index for short sales effected between 4:15 p.m. and the open of the consolidated tape the following day.20

We are also removing the price tests during the one-year Pilot period for short sales in any other security effected when the consolidated tape is not operating. This portion of the Pilot is important because it will allow us to study the effect of removal of a price test on a broader segment of the market than the other parts of the Pilot while the consolidated tape is not operating. It will also allow us to study whether, and to what extent, removal of the price test after hours will affect regular trading in the security on the following day. Moreover, we do not believe this portion of the Pilot will pose any threat to liquidity or increase volatility in these securities after-hours. Historically, the Commission has found that there is little evidence that significant trading activity occurs when the consolidated tape is not operating,21 and there is little transparency or market depth. Nevertheless, the Commission and the SROs will monitor the trading and our analysis of data obtained from the Pilot will also focus on the impact of after-hours short selling.

III. Conclusion

The Commission finds that establishing the Pilot for the reasons stated above is necessary and appropriate in the public interest and consistent with the protection of investors. The Pilot will allow the Commission to obtain empirical data and study the effects of short selling in the absence of price test restrictions.

Accordingly,

A. IT IS HEREBY ORDERED that the suspension of the short sale price tests described below in Paragraph B shall commence on January 3, 2005 and shall terminate on December 31, 2005. The Commission from time to time may issue further orders affecting the operation of this Order.

B. IT IS FURTHER ORDERED that the provisions of Rule 10a-1(a) and any short sale price test of any exchange or national securities association are suspended with respect to:

(1) short sales in the securities set forth in Appendix A to this Order;

(2) short sales in any security included in the Russell 1000 index effected between 4:15 p.m. EST and the open of the consolidated tape on the following day; and

(3) short sales in any security not included in paragraphs (1) and (2) above effected between the close of the consolidated tape and the open of the consolidated tape on the following day.

All other provisions of Rule 10a-1 shall remain in effect.

C. IT IS FURTHER ORDERED that no self-regulatory organization shall have a rule that is not in conformity with or conflicts with the provisions of Paragraph B. All other provisions of the rules of any self-regulatory organization shall remain in effect.

By the Commission.

Jill M. Peterson
Assistant Secretary

APPENDIX A

The following securities are subject to this Order:

TickerSymbolCompany NameA
AGILENT TECHNOLOGIES INC
AAI
AIRTRAN HOLDINGS INC
AAON
AAON INC
ABC
AMERISOURCEBERGEN CORP
ABCO
ADVISORY BOARD CO
ABCW
ANCHOR BANCORP INC
ABGX
ABGENIX INC
ABK
AMBAC FINANCIAL GRP INC
ABMD
ABIOMED INC
ABR
ARBOR REALTY TRUST INC
ABRX
ABLE LABORATORIES INC
ABT
ABBOTT LABORATORIES
ACAI
ATLANTIC COAST AIRLINES
ACAP
AMERICAN PHYSICIANS CAP
ACMR
A C MOORE ARTS & CRAFTS
ACTI
ACTIVCARD CORP
ACV
ALBERTO CULVER CO
AD
ADVO INC
ADIC
ADVANCED DIGITAL INFO
ADLR
ADOLOR CORP
ADVNB
ADVANTA CORP
AEIS
ADVANCED ENERGY INDS INC
AES
AES CORP
AF
ASTORIA FINANCIAL CORP
AFC
ALLMERICA FINANCIAL CORP
AFCO
APPLIED FILMS CORP
AFFX
AFFYMETRIX INC
AFR
AMERICAN FINANCIAL RLTY
AGE
EDWARDS AG INC
AGII
ARGONAUT GROUP INC
AGN
ALLERGAN INC
AGP
AMERIGROUP CORP
AGR.B
AGERE SYSTEMS INC
AGYS
AGILYSYS INC
AHC
AMERADA HESS CORP
AHG
APRIA HEALTHCARE GROUP
AHR
ANTHRACITE CAPITAL INC
AHS
AMN HEALTHCARE SERVICES
AINV
APOLLO INVESTMENT CORP
AIQ
ALLIANCE IMAGING INC
AKAM
AKAMAI TECHNOLOGIES
ALD
ALLIED CAPITAL CORP
ALEX
ALEXANDER & BALDWIN INC
ALGN
ALIGN TECHNOLOGY INC
ALKS
ALKERMES INC
ALL
ALLSTATE CORP
ALOG
ANALOGIC CORP
ALSC
ALLIANCE SEMICONDUCTOR
ALX
ALEXANDERS INC
AMD
ADVANCED MICRO DEVICES
AMED
AMEDISYS INC
AML
AMLI RESIDENTIAL PPTYS
AMMD
AMERICAN MEDICAL SYSTEMS
AMRI
ALBANY MOLECULAR RESRCH
AMTD
AMERITRADE HOLDING CORP
ANDW
ANDREW CORP
ANEN
ANAREN INC
ANH
ANWORTH MORTGAGE ASSET
ANSI
ADVANCED NEUROMODULATION
ANSR
ANSWERTHINK INC
ANSS
ANSYS INC
AOS
SMITH A O CORP
AOT
APOGENT TECHNOLOGIES
APC
ANADARKO PETROLEUM CORP
APCC
AMERICAN PWR CONVERSION
APH
AMPHENOL CORP
APOG
APOGEE ENTERPRISES INC
APOL
APOLLO GROUP INC
APPB
APPLEBEES INTERNATIONAL
APPX
AMERICAN PHARMA PARTNERS
APSG
APPLIED SIGNAL TECH
ARE
ALEXANDRIA REAL ESTATE
ARTC
ARTHROCARE CORP
ARW
ARROW ELECTRONICS INC
ARXX
AEROFLEX INC
ASBC
ASSOCIATED BANC CORP
ASCA
AMERISTAR CASINOS INC
ASGR
AMERICA SERVICE GROUP
ASKJ
ASK JEEVES INC
ASTE
ASTEC INDUSTRIES INC
ATAC
AFTERMARKET TECHNOLOGY
ATG
AGL RESOURCES INC
ATI
ALLEGHENY TECHNOLOGIES
ATK
ALLIANT TECHSYSTEMS
ATMI
ATMI INC
ATML
ATMEL CORP
ATN
ACTION PERFORMANCE COS
ATR
APTARGROUP INC
ATRX
ATRIX LABS INC
AUGT
AUGUST TECHNOLOGY CORP
AV
AVAYA INC
AVID
AVID TECHNOLOGY INC
AVTR
AVATAR HOLDINGS INC
AVX
AVX CORP
AVY
AVERY DENNISON CORP
AWBC
AMERICANWEST BANCORP
AWE
AT&T WIRELESS SERVICES
AWR
AMERICAN STATES WATER CO
AXE
ANIXTER INTERNATIONAL
AYI
ACUITY BRANDS INC
AZR
AZTAR CORP
B
BARNES GROUP INC
BBA
BOMBAY CO INC
BBOX
BLACK BOX CORP
BBT
BB&T CORP
BC
BRUNSWICK CORP
BCSI
BLUE COAT SYSTEMS INC
BDG
BANDAG INC
BDN
BRANDYWINE REALTY TRUST
BEAS
BEA SYSTEMS INC
BEAV
BE AEROSPACE INC
BEBE
BEBE STORES INC
BEC
BECKMAN COULTER INC
BEN
FRANKLIN RESOURCES INC
BF.B
BROWN FORMAN CORP
BFS
SAUL CENTERS INC
BGFV
BIG 5 SPORTING GOODS
BGP
BORDERS GROUP INC
BHS
BROOKFIELD HOMES CORP
BIIB
BIOGEN IDEC INC
BIO
BIO-RAD LABORATORIES INC
BIOV
BIOVERIS CORPORATION
BJ
BJS WHOLESALE CLUB INC
BLC
BELO CORP
BLS
BELLSOUTH CORP
BMC
BMC SOFTWARE INC
BNI
BURLINGTON NORTHERN
BOBE
BOB EVANS FARMS INC
BPOP
POPULAR INC
BR
BURLINGTON RESOURCES INC
BRCD
BROCADE COMMUNICATIONS
BRCM
BROADCOM CORP
BRL
BARR PHARMACEUTICIALS IN
BRO
BROWN & BROWN INC
BRW
BRISTOL WEST HLDGS INC
BRY
BERRY PETROLEUM CO
BSBN
BSB BANCORP
BSC
BEAR STEARNS COS INC
BSTE
BIOSITE INC
BSX
BOSTON SCIENTIFIC CO
BTRX
BARRIER THERAPEUTICS INC
BWS
BROWN SHOE INC
BXS
BANCORPSOUTH INC
BYD
BOYD GAMING CORP
CAC
CAMDEN NATIONAL CORP
CACH
CACHE INC
CAH
CARDINAL HEALTH INC
CAI
CACI INTERNATIONAL INC
CAKE
CHEESECAKE FACTORY INC
CAL
CONTINENTAL AIRLINES INC
CALM
CAL MAINE FOODS INC
CAM
COOPER CAMERON CORP
CAMD
CALIFORNIA MICRO DEVICES
CARS
CAPITAL AUTOMOTIVE REIT
CASY
CASEYS GENERAL STORES
CATY
CATHAY GENERAL BANCORP
CB
CHUBB CORP
CBB
CINCINNATI BELL INC
CBSH
COMMERCE BANCSHARES INC
CBSS
COMPASS BANCSHARES INC
CBT
CABOT CORP
CBU
COMMUNITY BANK SYSTEMS
CCCG
CCC INFORMATION SVCS
CCE
COCA COLA ENTERPRISE
CCRN
CROSS COUNTRY HEALTHCARE
CCRT
COMPUCREDIT CORP
CCU
CLEAR CHANNEL COMM INC
CDE
COEUR D ALENE MINES CORP
CDI
CDI CORP
CDIS
CAL DIVE INTERNATIONAL
CDT
CABLE DESIGN TECHNOLOGY
CEG
CONSTELLATION ENERGY GRP
CENT
CENTRAL GARDEN & PET CO
CERN
CERNER CORP
CEY
CERTEGY INC
CFBX
COMMUNITY FIRST BANK
CFC
COUNTRYWIDE FINANCIAL
CG
LOEWS CORP - CAROLINA GR
CGC
CASCADE NATURAL GAS CORP
CGX
CONSOLIDATED GRAPHIC
CHCO
CITY HOLDING CO
CHE
CHEMED CORPORATION
CHFC
CHEMICAL FINANCIAL CORP
CHH
CHOICE HOTELS INTL INC
CHK
CHESAPEAKE ENERGY CORP
CHRD
CHORDIANT SOFTWARE INC
CHRS
CHARMING SHOPPES INC
CHTT
CHATTEM INC
CHUX
O CHARLEYS INC
CI
CIGNA CORP
CIA
CITIZENS INC
CIMA
CIMA LABS INC
CK
CROMPTON CORP
CKEC
CARMIKE CINEMAS INC
CKFR
CHECKFREE CORP
CKH
SEACOR HOLDINGS INC
CKR
CKE RESTAURANTS INC
CL
COLGATE PALMOLIVE CO
CLE
CLAIRES STORES INC
CLFC
CENTER FINANCIAL CORP
CLRS
CLARUS CORP
CLSR
CLOSURE MEDICAL CORP
CLZR
CANDELA CORP
CMLS
CUMULUS MEDIA INC
CMPC
COMPUCOM SYSTEMS INC
CMS
CMS ENERGY CORP
CMTL
COMTECH TELECOMM
CMTY
COMMUNITY BANKS INC
CNA
CNA FINANCIAL CORP
CNB
COLONIAL BANCGROUP INC
CNMD
CONMED CORP
CNT
CENTERPOINT PPTYS TRUST
COCO
CORINTHIAN COLLEGES INC
COKE
COCA COLA BOTTLING
COLB
COLUMBIA BKG SYSTEM INC
COO
COOPER COMPANIES INC
COP
CONOCOPHILLIPS
CORI
CORILLIAN CORP
COSI
COSI INC
COST
COSTCO WHOLESALE CORP
CPB
CAMPBELL SOUP CO
CPHD
CEPHEID INC
CPKI
CALIFORNIA PIZZA KITCHEN
CPRT
COPART INC
CPS
CHOICEPOINT INC
CPWM
COST PLUS INC
CRA
APPLERA CORP CELERA
CRD.B
CRAWFORD & CO
CRN
CORNELL COMPANIES INC
CRS
CARPENTER TECHNOLOGY
CRWN
CROWN MEDIA HOLDINGS INC
CSC
COMPUTER SCIENCES CORP
CSE
CAPITALSOURCE INC
CSS
CSS INDUSTRIES INC
CSTR
COINSTAR INC
CSX
CSX CORP
CTB
COOPER TIRE & RUBBER CO
CTBI
COMMUNITY TRUST BANCORP
CTCO
COMMONWEALTH TEL ENT
CTIC
CELL THERAPEUTICS INC
CTL
CENTURYTEL INC
CTO
CONSOLIDATED TOMOKA LAND
CTR
CATO CORP
CTS
CTS CORP
CTSH
COGNIZANT TECH SOLUTIONS
CTXS
CITRIX SYSTEMS INC
CUB
CUBIC CORP
CUNO
CUNO INC
CUZ
COUSINS PROPERTIES INC
CV
CENTRAL VERMONT PUB SVC
CVTX
CV THERAPEUTICS INC
CYPB
CYPRESS BIOSCIENCES INC
CYTK
CYTOKINETICS INC
DAR
DARLING INTERNATIONAL
DBRN
DRESS BARN INC
DCI
DONALDSON INC
DCLK
DOUBLECLICK INC
DCN
DANA CORP
DDIC
DDI CORP
DDS
DILLARDS INC
DECK
DECKERS OUTDOOR CORP
DGII
DIGI INTL INC
DGIN
DIGITAL INSIGHT CORP
DHC
DANIELSON HOLDING CORP
DIS
DISNEY WALT CO
DJO
DJ ORTHOPEDICS INC
DKS
DICKS SPORTING GOODS INC
DLTR
DOLLAR TREE STORES INC
DMRC
DIGIMARC CORP
DOV
DOVER CORP
DOVP
DOV PHARMACEUTICAL INC
DP
DIAGNOSTIC PRODUCTS CORP
DPMI
DUPONT PHOTOMASKS INC
DPTR
DELTA PETROLEUM CORP
DRE
DUKE REALTY CORP
DRXR
DREXLER TECHNOLOGY CORP
DSS
QUANTUM CORP
DTAS
DIGITAS INC
DTPI
DIAMONDCLUSTER INTL INC
DTSI
DIGITAL THEATRE SYSTEMS
DUSA
DUSA PHARMACEUTICALS INC
DV
DEVRY INC
DVD
DOVER MOTORSPORTS INC
EAC
ENCORE ACQUISITION CO
EAS
ENERGY EAST CORP
EASI
ENGINEERED SUPPORT SYS
EBAY
EBAY INC
EBF
ENNIS BUSINESS FORMS INC
ECLG
ECOLLEGE COM
ECSI
ENDOCARDIAL SOLUTIONS
ED
CONSOLIDATED EDISON INC
EDLG
EDUCATION LENDING GROUP
EDS
ELECTRONIC DATA SYSTEMS
EFD
EFUNDS CORP
EFII
ELECTRONICS FOR IMAGING
EFX
EQUIFAX INC
EGN
ENERGEN CORP
EGOV
NIC INC
EIX
EDISON INTERNATIONAL
EL
ESTEE LAUDER COMPANIES
ELNK
EARTHLINK INC
ELON
ECHELON CORP
ELY
CALLAWAY GOLF CO
EMC
E M C CORP
ENDP
ENDO PHARMACEUTICALS
ENMC
ENCORE MEDICAL CORP
ENTG
ENTEGRIS INC
ENZ
ENZO BIOCHEM INC
EOG
EOG RESOURCES INC
EOP
EQUITY OFFICE PPTYS TR
EPAX
AMBASSADORS GROUP INC
EPEX
EDGE PETROLEUM CORP
EPIC
EPICOR SOFTWARE CORP
EPIX
EPIX MEDICAL INC
EQR
EQUITY RESIDENTIAL
EQT
EQUITABLE RESOURCES INC
ERES
ERESEARCHTECHNOLOGY INC
ESCA
ESCALADE INC
ESIO
ELECTRO SCIENTIFIC INDS
ESL
ESTERLINE TECHNOLOGIES
ESPD
ESPEED INC
ESS
ESSEX PROPERTY TRUST INC
ESST
ESS TECHNOLOGY INC
ESV
ENSCO INTERNATIONAL INC
ET
E TRADE FINANCIAL CORP
ETM
ENTERCOM COMMUNICATIONS
ETR
ENTERGY CORP
EV
EATON VANCE CORP
EXLT
EXULT INC
EYET
EYETECH PHARMACEUTICALS
FAC
FIRST ACCEPTANCE CORP
FADV
FIRST ADVANTAGE CORP
FBC
FLAGSTAR BANCORP INC
FBTX
FRANKLIN BANK CORP
FCE.A
FOREST CITY ENTRPRS
FCH
FELCOR LODGING TRUST INC
FCNCA
FIRST CITIZENS BANCSHRS
FCX
FREEPORT-MCMORAN C&G
FD
FEDERATED DEPT STORE
FDS
FACTSET RESEARCH SYSTEMS
FFFL
FIDELITY BANKSHARES INC
FFIN
FIRST FINL BANKSHARES
FIC
FAIR ISAAC CORP
FIF
FINANCIAL FED CORP
FINL
FINISH LINE INC
FISI
FINANCIAL INSTNS INC
FL
FOOT LOCKER INC
FLB
FIRST NATL BANKSHARES
FLO
FLOWERS FOODS INC
FLR
FLUOR CORP
FLYR
NAVIGANT INTERNATIONAL
FMER
FIRSTMERIT CORP
FMKT
FREEMARKETS INC
FOBB
FIRST OAK BROOK BANCSHRS
FOE
FERRO CORP
FON
SPRINT FON GROUP
FORR
FORRESTER RESEARCH INC
FPIC
FPIC INSURANCE GROUP INC
FPL
FPL GROUP INC
FR
FIRST INDUSTRIAL RLTY TR
FRED
FREDS INC
FRK
FLORIDA ROCK INDUSTRIES
FRME
FIRST MERCHANTS CORP
FRNT
FRONTIER AIRLINES INC
FRT
FEDERAL REALTY INVT
FRX
FOREST LABS INC
FSH
FISHER SCIENTIFIC INTL
FSLA
FIRST SENTINEL BANCORP
FTBK
FRONTIER FINANCIAL CORP
FTI
FMC TECHNOLOGIES INC
FUL
FULLER H B CO
G
GILLETTE CO
GAS
NICOR INC
GBBK
GREATER BAY BANCORP
GBCI
GLACIER BANCORP INC
GBND
GENERAL BINDING CORP
GBP
GABLES RESIDENTIAL TRUST
GBX
GREENBRIER COMPANIES INC
GCO
GENESCO INC
GDI
GARDNER DENVER INC
GDYS
GOODYS FAMILY CLOTHING
GEF
GREIF INC
GERN
GERON CORP
GET
GAYLORD ENTMT CO
GGG
GRACO INC
GGP
GENERAL GROWTH PPTYS INC
GIFI
GULF ISLAND FABRICATION
GISX
GLOBAL IMAGING SYSTEMS
GKSRA
G&K SERVICES INC
GLT
GLATFELTER
GLW
CORNING INC
GMRK
GULFMARK OFFSHORE INC
GMT
GATX CORP
GPC
GENUINE PARTS CO
GPI
GROUP 1 AUTOMOTIVE INC
GPP
GOVERNMENT PPTYS TRUST
GPT
GREENPOINT FINANCIAL
GRC
GORMAN RUPP CO
GS
GOLDMAN SACHS GROUP INC
GT
GOODYEAR TIRE & RUBBER
GTI
GRAFTECH INTL LTD
GTK
GTECH HOLDINGS CORP
GTY
GETTY REALTY CORP
GW
GREY WOLF INC
GWR
GENESEE & WYOMING INC
GWW
GRAINGER W W INC
GY
GENCORP INC
HARB
HARBOR FLORIDA BANCSHRS
HAS
HASBRO INC
HBAN
HUNTINGTON BANCSHARES
HBEK
HUMBOLDT BANCORP
HBHC
HANCOCK HOLDING CO
HC
HANOVER COMPRESSOR CO
HCA
HCA INC
HCP
HEALTH CARE PROPERTY INV
HD
HOME DEPOT INC
HDI
HARLEY DAVIDSON INC
HET
HARRAHS ENTMT INC
HH
HOOPER HOLMES INC
HHS
HARTE HANKS INC
HIH
HIGHLAND HOSPITALITY
HIW
HIGHWOODS PROPERTIES INC
HLR
HOLLINGER INTERNATIONAL
HLTH
WEBMD CORP
HME
HOME PROPERTIES INC
HMX
HARTMARX CORP
HNR
HARVEST NATURAL RES
HOMS
HOMESTORE INC
HOTT
HOT TOPIC INC
HP
HELMERICH & PAYNE INC
HRB
BLOCK H & R INC
HRH
HILB ROGAL & HOBBS CO
HSY
HERSHEY FOODS CORP
HTCH
HUTCHINSON TECHNOLOGY
HTLD
HEARTLAND EXPRESS INC
HUG
HUGHES SUPPLY INC
HVT
HAVERTY FURNITURE INC
HYC
HYPERCOM CORP
IAAI
INSURANCE AUTO AUCTIONS
ICBC
INDEPENDENCE CMNTY BANK
ICCI
INSIGHT COMMUNICATIONS
ICOS
ICOS CORP
ICST
INTEGRATED CIRCUIT SYS
IDA
IDACORP INC
IDC
INTERACTIVE DATA CORP
IDNX
IDENTIX INC
IES
INTEGRATED ELECTRICAL
IFLO
I-FLOW CORP
IFSIA
INTERFACE INC
IGT
INTL GAME TECHNOLOGY
IHI
INFORMATION HOLDINGS INC
ILA
AQUILA INC
ILE
ISOLAGEN INC
ILXO
ILEX ONCOLOGY INC
IMCL
IMCLONE SYSTEMS INC
IMDC
INAMED CORP
IMKTA
INGLES MARKETS INC
IMMC
IMMUNICON CORP
IN
INFONET SVCS CORP
INCY
INCYTE CORP
INDB
INDEPENDENT BANK MA
INET
INET TECHNOLOGIES INC
INHO
INDEPENDENCE HOLDING CO
INSU
INSITUFORM TECHNOLOGIES
INT
WORLD FUEL SVCS CORP
INTC
INTEL CORP
INTU
INTUIT
IO
INPUT/OUTPUT INC
ION
IONICS INC
IPAS
IPASS INC
ISIS
ISIS PHARMACEUTICALS
ISRG
INTUITIVE SURGICAL INC
ISSC
INNOVATIVE SOLUTIONS
IT
GARTNER INC
ITCD
ITC DELTACOM INC
ITLA
ITLA CAPITAL CORP
ITW
ILLINOIS TOOL WORKS INC
IUSA
INFOUSA INC
IVD
IVAX DIAGNOSTICS INC
JBL
JABIL CIRCUIT INC
JBLU
JETBLUE AIRWAYS CORP
JCI
JOHNSON CONTROLS INC
JCOM
J2 GLOBAL COMMUNICATIONS
JEF
JEFFERIES GROUP INC
JJSF
J & J SNACK FOODS CO
JJZ
JACUZZI BRANDS INC
JKHY
HENRY JACK & ASSOCIATES
JLG
JLG INDUSTRIES INC
JNJ
JOHNSON & JOHNSON
JOYG
JOY GLOBAL INC
JUPM
JUPITERMEDIA CORP
KBH
KB HOME
KERX
KERYX BIOPHARMACEUTICALS
KEX
KIRBY CORP
KEYS
KEYSTONE AUTOMOTIVE INDS
KFED
K FED BANCORP
KLAC
KLA-TENCOR CORP
KMRT
KMART HOLDING CORP
KNGT
KNIGHT TRANSN INC
KNTA
KINTERA INC
KO
COCA COLA CO
KOPN
KOPIN CORP
KR
KROGER CO
KRB
MBNA CORP
KRI
KNIGHT RIDDER INC
KROL
KROLL INC
KRT
KRAMONT REALTY TRUST
KSE
KEYSPAN CORP
KSS
KOHLS CORP
KSWS
K-SWISS INC
KTO
K2 INC
KYPH
KYPHON INC
L
LIBERTY MEDIA CORP
LABS
LABONE INC
LACO
LAKES ENTERTAINMENT INC
LAWS
LAWSON PRODUCTS INC
LBY
LIBBEY INC
LCI
LANNETT CO INC
LEG
LEGGETT & PLATT INC
LEND
ACCREDITED HOME LENDERS
LEXG
LEXICON GENETICS INC
LFB
LONGVIEW FIBRE CO
LG
LACLEDE GROUP INC
LHO
LASALLE HOTEL PROPERTIES
LIFC
LIFECELL CORP
LIN
LINENS N THINGS INC
LIZ
LIZ CLAIBORNE INC
LKQX
LKQ CORP
LLY
LILLY ELI & CO
LNET
LODGENET ENTMT CORP
LNR
LNR PROPERTY CORP
LPNT
LIFEPOINT HOSPITALS
LPX
LOUISIANA PACIFIC CORP
LSCC
LATTICE SEMICONDUCTOR
LSCP
LASERSCOPE
LSE
CAPITAL LEASE FUNDING
LSS
LONE STAR TECHNOLOGIES
LSTR
LANDSTAR SYSTEMS INC
LTC
LTC PROPERTIES INC
LTD
LIMITED BRANDS INC
LTRE
LEARNING TREE INTL INC
LUM
LUMINENT MORTGAGE CAP
LXP
LEXINGTON CORP PPTYS
LZ
LUBRIZOL CORP
MAA
MID-AMER APT CMNTYS
MAG
MAGNETEK INC
MAPX
MAPICS INC
MATK
MARTEK BIOSCIENCES CORP
MATW
MATTHEWS INTERNATIONAL
MAY
MAY DEPARTMENT STORES CO
MBTF
MBT FINANCIAL CORP
MCBC
MACATAWA BANK CORP
MCDTA
MCDATA CORP
MCH
MILLENNIUM CHEMICALS
MCRL
MICREL INC
MDC
MDC HOLDINGS INC
MDCO
MEDICINES CO
MEDT
MEDSOURCE TECHNOLOGIES
MERQ
MERCURY INTERACTIVE CORP
METH
METHODE ELECTRS INC
MFA
MFA MORTGAGE INVESTMENTS
MFW
M & F WORLDWIDE CORP
MGG
MGM MIRAGE
MHC
MANUFACTURED HOME CMNTYS
MHO
M/I HOMES INC
MICU
VICURON PHARMACEUTICALS
MIDD
MIDDLEBY CORP
MIL
MILLIPORE CORP
MIPS
MIPS TECHNOLOGIES INC
MKC
MCCORMICK & CO INC
MKL
MARKEL CORP
MKSI
MKS INSTRUMENTS INC
MLAN
MIDLAND CO
MMC
MARSH & MCLENNAN COS
MNRO
MONRO MUFFLER BRAKE INC
MNST
MONSTER WORLDWIDE INC
MODI
MODINE MANUFACTURING CO
MOGN
MGI PHARMA INC
MON
MONSANTO CO
MONE
MATRIXONE INC
MOV
MOVADO GROUP INC
MPG
MAGUIRE PPTYS INC
MPX
MARINE PRODUCTS CORP
MRD
MACDERMID INC
MRGE
MERGE TECHNOLOGIES INC
MRO
MARATHON OIL CORP
MRX
MEDICIS PHARMACEUTICAL
MSA
MINE SAFETY APPLIANCES
MSCC
MICROSEMI CORP
MSEX
MIDDLESEX WATER CO
MSFG
MAINSOURCE FINANCIAL GRP
MSM
MSC INDL DIRECT INC
MTEX
MANNATECH INC
MTG
MGIC INVESTMENT CORP
MTN
VAIL RESORTS INC
MTRX
MATRIX SERVICE CO
MTW
MANITOWOC CO INC
MUSA
METALS USA INC
MVL
MARVEL ENTERPRISES INC
MW
MENS WEARHOUSE INC
MWD
MORGAN STANLEY
NABC
NEWALLIANCE BANCSHARES
NABI
NABI BIOPHARMACEUTICALS
NAFC
NASH FINCH CO
NATI
NATIONAL INSTRS CORP
NAVG
NAVIGATORS GROUP INC
NBIX
NEUROCRINE BIOSCIENCES
NBL
NOBLE ENERGY INC
NCS
NCI BUILDING SYSTEMS INC
NDC
NDCHEALTH CORP
NEU
NEW MARKET CORPORATION
NFB
NORTH FORK BANCORP
NFP
NATIONAL FINL PARTNERS
NHI
NATIONAL HEALTH INVS INC
NITE
KNIGHT TRADING GROUP INC
NLS
NAUTILUS GROUP INC
NLY
ANNALY MORTAGE MGMT INC
NMG.A
NEIMAN MARCUS GROUP INC
NNBR
NN INC
NNI
NELNET INC
NOVN
NOVEN PHARMACEUTICALS
NPBC
NATIONAL PENN BANCSHARES
NPSP
NPS PHARMACEUTICALS INC
NR
NEWPARK RESOURCES INC
NRGN
NEUROGEN CORP
NSIT
INSIGHT ENTERPRISES INC
NST
NSTAR
NTEC
NEOSE TECHNOLOGIES INC
NTLI
NTL INC
NTY
NBTY INC
NU
NORTHEAST UTILITIES
NUE
NUCOR CORP
NUTR
NUTRACEUTICAL INTL CORP
NVLS
NOVELLUS SYSTEMS INC
NVR
NVR INC
NXST
NEXSTAR BROADCASTING
NYM
NYMAGIC INC
NYT
NEW YORK TIMES CO
OCA
ORTHODONTIC CTRS OF AMER
OCAS
OHIO CASUALTY CORP
OI
OWENS ILLINOIS INC
OIS
OIL STATES INTERNATIONAL
OME
OMEGA PROTEIN CORP
OMEF
OMEGA FINANCIAL CORP
OMI
OWENS & MINOR INC
ONB
OLD NATIONAL BANCORP
ONXX
ONYX PHARMACEUTICALS INC
OPNT
OPNET TECHNOLOGIES INC
ORCL
ORACLE CORP
ORLY
O REILLY AUTOMOTIVE INC
OS
OREGON STEEL MILLS INC
OSBC
OLD SECOND BANCORP INC
OSG
OVERSEAS SHIPHOLDNG GRP
OSI
OUTBACK STEAKHOUSE INC
OSIP
OSI PHARMACEUTICALS
OSTK
OVERSTOCK COM INC
OSUR
ORASURE TECHNOLOGIES INC
OTL
OCTEL CORP
OTTR
OTTER TAIL CORP
OVRL
OVERLAND STORAGE INC
OVTI
OMNIVISION TECHNOLOGIES
OXM
OXFORD INDUSTRIES INC
PACR
PACER INTERNATIONAL INC
PAS
PEPSIAMERICAS INC
PAX
PAXSON COMMUNICATION
PAYX
PAYCHEX INC
PBI
PITNEY BOWES INC
PBKS
PROVIDENT BANKSHARES
PCAR
PACCAR INC
PCCC
P C CONNECTION
PCG
PG&E CORP
PCH
POTLATCH CORP
PCL
PLUM CREEK TIMBER CO INC
PCSA
AIRGATE PCS INC
PCTY
PARTY CITY CORP
PCU
SOUTHERN PERU COPPER
PCYC
PHARMACYCLICS INC
PD
PHELPS DODGE CORP
PDLI
PROTEIN DESIGN LABS INC
PDX
PEDIATRIX MEDICAL GROUP
PEET
PEETS COFFEE & TEA INC
PEG
PUBLIC SVC ENTERPRISE
PEGA
PEGASYSTEMS INC
PENG
PRIMA ENERGY CORP
PENN
PENN NATIONAL GAMING INC
PEP
PEPSICO INC
PER
PEROT SYSTEMS CORP
PETS
PETMED EXPRESS INC
PFE
PFIZER INC
PFGC
PERFORMANCE FOOD GROUP
PFGI
PROVIDENT FINANCIAL GRP
PFS
PROVIDENT FINANCIAL SVCS
PFSB
PENNFED FINANCIAL SVCS
PGNX
PROGENICS PHARMACEUTICAL
PH
PARKER HANNIFIN CORP
PHCC
PRIORITY HEALTHCARE
PHLY
PHILADELPHIA CONS HLDG
PICO
PICO HOLDINGS INC
PII
POLARIS INDUSTRIES INC
PILL
PROXYMED PHARMACY INC
PLAB
PHOTRONICS INC
PLD
PROLOGIS
PLRE
PRICE LEGACY CORP
PLUG
PLUG POWER INC
PLXS
PLEXUS CORP
PLXT
PLX TECHNOLOGY INC
PMCS
PMC-SIERRA INC
PMTI
PALOMAR MEDICAL TECH
PNK
PINNACLE ENTMT INC
PNM
PNM RESOURCES INC
PNR
PENTAIR INC
POP
POPE & TALBOT INC
POS
CATALINA MARKETING CORP
POWL
POWELL INDUSTRIES INC
POZN
POZEN INC
PPC
PILGRIMS PRIDE CORP
PPL
PPL CORP
PPP
POGO PRODUCING CO
PRFS
PENNROCK FINANCIAL SVCS
PRM
PRIMEDIA INC
PRSF
PORTAL SOFTWARE INC
PRSP
PROSPERITY BANCSHARES
PRTR
PARTNERS TRUST FINL GRP
PSA
PUBLIC STORAGE INC
PSB
PS BUSINESS PARKS INC
PSD
PUGET ENERGY INC
PSFT
PEOPLESOFT INC
PSRC
PALMSOURCE INC
PSS
PAYLESS SHOESOURCE INC
PSSI
PSS WORLD MEDICAL INC
PTMK
PATHMARK STORES INC
PVH
PHILLIPS VAN HEUSEN
PVTB
PRIVATEBANCORP INC
PWAV
POWERWAVE TECHNOLOGIES
PWER
POWER-ONE INC
PWR
QUANTA SERVICES INC
PX
PRAXAIR INC
PXLW
PIXELWORKS INC
PXP
PLAINS EXPLORATION & PRO
QSFT
QUEST SOFTWARE INC
QSII
QUALITY SYSTEMS INC
QUIX
QUIXOTE CORP
R
RYDER SYSTEM INC
RA
RECKSON ASSOCS RLTY
RAE
RAE SYSTEMS INC
RAH
RALCORP HOLDINGS INC
RAVN
RAVEN INDUSTRIES INC
RBC
REGAL BELOIT CORP
RBNC
REPUBLIC BANCORP INC MI
RBPAA
ROYAL BANCSHARES OF PENN
RCRC
RC2 CORP
RDC
ROWAN COMPANIES INC
RDI
READING INTERNATIONAL IN
REG
REGENCY CENTERS CORP
RF
REGIONS FINANCIAL CORP
RGLD
ROYAL GOLD INC
RGR
STURM RUGER & CO INC
RGS
REGIS CORP
RHD
R H DONNELLEY CORP
RJR
REYNOLDS R J TOB HLDGS
RKT
ROCK-TENN CO
RL
POLO RALPH LAUREN CO
RLI
RLI CORP
RLRN
RENAISSANCE LEARNING INC
RMBS
RAMBUS INC
RMK
ARAMARK CORP
ROG
ROGERS CORP
ROH
ROHM & HAAS CO
ROL
ROLLINS INC
ROV
RAYOVAC CORP
RRA
RAILAMERICA INC
RRI
RELIANT ENERGY INC
RSG
REPUBLIC SERVICES INC
RSH
RADIOSHACK CORP
RSYS
RADISYS CORP
RTI
RTI INTERNATIONAL METALS
RUSHB
RUSH ENTERPRISES INC
SAFM
SANDERSON FARMS INC
SBAC
SBA COMMUNICATIONS CORP
SBNY
SIGNATURE BANK
SBSE
SBS TECHNOLOGIES INC
SCHL
SCHOLASTIC CORP
SCHN
SCHNITZER STEEL INDS
SCHS
SCHOOL SPECIALTY INC
SCLN
SCICLONE PHARMACEUTICALS
SCMF
SOUTHERN CMNTY FINL CORP
SCS
STEELCASE INC
SEBL
SIEBEL SYSTEMS INC
SECD
SECOND BANCORP INC
SEH
SPARTECH CORP
SEIC
SEI INVESTMENTS CO
SFCC
SFBC INTERNATIONAL INC
SFD
SMITHFIELD FOODS INC
SFE
SAFEGUARD SCIENTIFICS
SFN
SPHERION CORP
SFSW
STATE FINANCIAL SERVICES
SGA
SAGA COMMUNICATIONS
SGEN
SEATTLE GENETICS INC
SHLM
SCHULMAN A INC
SHW
SHERWIN WILLIAMS CO
SIR
SIRVA INC
SJI
SOUTH JERSEY INDUSTRIES
SJW
SJW CORP
SLFI
STERLING FINL CORP PA
SLG
SL GREEN REALTY CORP
SLR
SOLECTRON CORP
SMHG
SANDERS MORRIS HARRIS
SMSC
STANDARD MICROSYSTEM
SMTC
SEMTECH CORP
SNH
SENIOR HOUSING PPTYS TR
SNRR
SUNTERRA CORP
SNS
STEAK N SHAKE CO
SNWL
SONICWALL INC
SO
SOUTHERN CO
SONE
S1 CORPORATION
SORC
SOURCE INTERLINK COS INC
SRCL
STERICYCLE INC
SRDX
SURMODICS INC
SRNA
SERENA SOFTWARE INC
SRP
SIERRA PACIFIC RESOURCES
SRZ
SUNRISE SENIOR LIVING
SSI
SPECTRASITE INC
SSP
SCRIPPS E W CO
STEI
STEWART ENTERPRISES
STFC
STATE AUTO FINANCIAL
STK
STORAGE TECHNOLOGY CORP
STL
STERLING BANCORP
STMP
STAMPS COM INC
STN
STATION CASINOS INC
STRA
STRAYER EDUCATION INC
STRT
STRATTEC SECURITY CORP
STSI
STAR SCIENTIFIC INC
STT
STATE STREET CORP
STZ
CONSTELLATION BRANDS
SUI
SUN COMMUNITIES INC
SUNN
SUNTRON CORP
SUNW
SUN MICROSYSTEMS INC
SUP
SUPERIOR INDUSTRIES INTL
SUPX
SUPERTEX INC
SVM
SERVICEMASTER CO
SWBT
SOUTHWEST BANCORP OF TEX
SWK
STANLEY WORKS
SWW
SITEL CORP
SWX
SOUTHWEST GAS CORP
SWY
SAFEWAY INC
SYD
SYBRON DENTAL SPECIALTIE
SYK
STRYKER CORP
SYX
SYSTEMAX INC
SYY
SYSCO CORP
TARR
TARAGON REALTY INVS INC
TASR
TASER INTL INC
TBCC
TBC CORP
TCC
TRAMMELL CROW CO
TCR
CORNERSTONE RLTY INC TR
TDW
TIDEWATER INC
TDY
TELEDYNE TECHNOLOGIES
TECUA
TECUMSEH PRODS CO
TELK
TELIK INC
TERN
TERAYON COMM SYSTEMS INC
TG
TREDEGAR CORP
TGI
TRIUMPH GROUP INC
TGIC
TRIAD GUARANTY INC
TGT
TARGET CORP
THFF
FIRST FINANCIAL CORP
THO
THOR INDUSTRIES INC
THOR
THORATEC CORP
THX
HOUSTON EXPLORATION CO
TIF
TIFFANY & CO
TKLC
TEKELEC
TKR
TIMKEN CO
TLAB
TELLABS INC
TLB
TALBOTS INC
TLRK
TULARIK INC
TMA
THORNBURG MORTGAGE INC
TMG
TRANSMONTAIGNE INC
TMWD
TUMBLEWEED COMMUNICATION
TOL
TOLL BROTHERS INC
TOY
TOYS R US INC
TPTI
TIPPINGPOINT TECH INC
TQNT
TRIQUINT SEMICONDUCTOR
TR
TOOTSIE ROLL INDUSTRIES
TRCA
TERCICA INC
TRMK
TRUSTMARK CORP
TRST
TRUSTCO BANK CORP NY
TRZ
TRIZEC PROPERTIES INC
TSA
SPORTS AUTHORITY INC
TSFG
SOUTH FINANCIAL GROUP
TTC
TORO CO
TTEC
TELETECH HOLDINGS INC
TTMI
TTM TECHNOLOGIES INC
TWX
TIME WARNER INC
TXI
TEXAS INDUSTRIES INC
TXN
TEXAS INSTRUMENTS INC
TXT
TEXTRON INC
TXU
TXU CORP
UBA
URSTADT BIDDLE PPTYS INS
UCBH
UCBH HOLDINGS INC
UCI
UICI
UCL
UNOCAL CORP
UFPI
UNIVERSAL FOREST PRODS
UGI
UGI CORP
UHAL
AMERCO
UIC
UNITED INDUSTRIAL CORP
ULBI
ULTRALIFE BATTERIES INC
ULCM
ULTICOM INC
UNF
UNIFIRST CORP MASS
UOPX
APOLLO GRP UNIV PHOENIX
URS
URS CORP
USG
U S G CORP
USON
US ONCOLOGY INC
UTHR
UNITED THERAPEUTICS
UVN
UNIVISION COMMUNICATIONS
UVV
UNIVERSAL CORP
VAR
VARIAN MEDICAL SYSTEMS
VARI
VARIAN INC
VCBI
VIRGINIA COMM BANCORP
VECO
VEECO INSTRUMENTS INC
VFC
V F CORP
VGR
VECTOR GROUP LTD
VICR
VICOR CORP
VITA
ORTHOVITA INC
VITL
VITAL SIGNS INC
VLO
VALERO ENERGY CORP
VLY
VALLEY NATIONAL BANCORP
VMSI
VENTANA MEDICAL SYSTEMS
VRC
VARCO INTERNATIONAL INC
VRNT
VERINT SYSTEMS INC
VRTX
VERTEX PHARMACEUTICALS
VSAT
VIASAT INC
VSH
VISHAY INTERTECHNOLOGY
VTA
VESTA INS GROUP INC
VTIV
VENTIV HEALTH INC
VVTV
VALUEVISION MEDIA INC
VXGNE
VAXGEN INC
WAB
WABTEC CORP
WASH
WASHINGTON TRUST BANCORP
WAT
WATERS CORP
WBS
WEBSTER FINANCIAL CORP
WEBM
WEBMETHODS INC
WEN
WENDYS INTERNATIONAL INC
WEYS
WEYCO GROUP INC
WFR
MEMC ELECTRIC MATERIALS
WFSG
WILSHIRE FINANCIAL SVCS
WHQ
W-H ENERGY SVCS INC
WIND
WIND RIVER SYSTEMS INC
WLT
WALTER INDUSTRIES INC
WMGI
WRIGHT MEDICAL GROUP INC
WMT
WAL MART STORES INC
WNC
WABASH NATIONAL CORP
WON
WESTWOOD ONE INC
WOR
WORTHINGTON INDUSTRIES
WPI
WATSON PHARMACEUTICALS
WPO
WASHINGTON POST CO
WPSC
WHEELING PITTSBURGH CORP
WR
WESTAR ENERGY INC
WRC
WESTPORT RESOURCES CORP
WRE
WASHINGTON REAL ESTATE
WRLD
WORLD ACCEPTANCE CORP
WSBA
WESTERN SIERRA BANCORP
WSBC
WESBANCO INC
WSBK
WILSHIRE STATE BANK
WSO
WATSCO INC
WST
WEST PHARMACEUTICAL SVCS
WSTL
WESTELL TECHNOLOGIES INC
WTBA
WEST BANCORPORATION INC
WW
WATSON WYATT & CO HLDGS
WWE
WORLD WRESTLING ENTMNT
WWY
WRIGLEY WM JR CO
WXH
WINSTON HOTELS INC
WY
WEYERHAEUSER CO
WYE
WYETH
XLNX
XILINX INC
XLTC
EXCEL TECHNOLOGY INC
XRIT
X-RITE INC
XTO
XTO ENERGY INC
Y
ALLEGHANY CORP
YRK
YORK INTERNATIONAL CORP
ZBRA
ZEBRA TECHNOLOGIES CORP
ZGEN
ZYMOGENETICS INC
ZHNE
ZHONE TECHNOLOGIES INC
ZIGO
ZYGO CORP
ZILA
ZILA INC
ZION
ZIONS BANCORPORATION
ZLC
ZALE CORP
ZMH
ZIMMER HOLDINGS INC
ZQK
QUIKSILVER INC

1 17 CFR 240.10a-1.

2 "Short sale" is defined in Rule 200 of Regulation SHO, 17 CFR 242.200.

3 The term "consolidated tape" refers to the effective transaction reporting plan of the Consolidated Tape Association.

4 In addition, pursuant to Section 3(f) of the Act, the Commission has considered the Pilot's impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f).

5 Similarly, we excluded spin-offs commencing after April 30, 2004.

6 Securities selected for inclusion in the Pilot will remain in the Pilot even if during the term of the Pilot they cease being included in the Russell 3000 index.

7 In each group, we started our selection with the second stock in order to have a more representative daily dollar volume sample. The most representative stock in a group of three stocks ranked by volume would be the middle stock. Thus, to select the most representative sample for the pilot, we would select the second stock of every three stocks; in other words, every third stock starting with the second.

8 The percentage of the stocks selected for the Pilot that are NYSE or Amex listed, or Nasdaq NNM, or for which there are associated options or securities futures, are representational of the Russell 3000 index as a whole. Specifically, the Russell 3000 index is composed of 49.9% NYSE listed securities, 2.2% Amex listed securities, 47.9% Nasdaq NNM securities, 63% with associated options, and 3.4% with associated single stock futures.

9 Like the group of pilot stocks, the control group will exclude any securities as to which there is currently no price test (i.e., securities that are not exchange-listed or Nasdaq NNM).

10 Specifically, the control group is composed of 49.9% NYSE listed securities, 2.2% Amex listed securities, 47.9% Nasdaq securities, 62.7% with associated options, and 3.7% with associated single stock futures.

11 See Securities Exchange Act Release No. 50103 (July 28, 2004) ("Adopting Release").

12 Adopting Release.

13 The general anti-fraud and anti-manipulation provisions of the federal securities laws will continue to apply to trading in these securities, thus prohibiting trading activity designed to improperly influence the price of a security. See, e.g., Section 17(a) of the Securities Act of 1933, 15 USC 77q(a), and Sections 9(a), 10(b), and 15(c) of the Act, 15 USC 78i(a), 78j(b) and 78o(c), and Rules 10b-5 and 15c1-2 thereunder, 17 CFR 240.10b-5 and 240.15c1-2. Moreover, the Commission expects that SROs will actively monitor trading in the Pilot securities to identify any improper or abusive short selling during the course of the Pilot.

14 See Securities Exchange Act Release No. 38067, 62 FR 520 (Jan. 3, 1997) (adopting anti-manipulation rules including an exception to the rules for trading activity in securities with high average daily trading volume ("ADTV")).

15 17 CFR 240.10a-1.

16 17 CFR 242.200, 242.203.

17 Regular trading-hours are between 9:30 a.m. and 4:00 p.m. EST. See Electronic Communication Networks and After-Hours Trading, Report by the Division of Market Regulation, June 2000, at 4. However, trade reporting can be delayed and continue past 4:00 p.m. Therefore, for purposes of the Pilot we have set 4:15 p.m. as the end of regular trading activity.

18 Securities selected for inclusion in this portion of the after-hours Pilot will remain in the Pilot even if during the term of the Pilot they cease being included in the Russell 1000 index.

19 For example, based on a sample of a trading day in January of 2000, only 3% of the share volume in NYSE-listed securities was effected after 4:00 p.m. Similarly, share volume from post-4:00 p.m. trades in Nasdaq securities for the same date accounted for only 3% of the daily total. A vast majority of this after-hours trading volume in both markets was effected shortly after the regular session closed through market structured after-market execution opportunities, i.e., crossing-sessions. Electronic Communication Networks and After-Hours Trading Report at 12-13.

20 The consolidated tape operates from 8:00 a.m. to 8:00 p.m. EST. See Securities Exchange Act Release No. 44983 (October 25, 2001), 66 FR 55225, 55227 (November 1, 2001). The NASD's short sale rule, Rule 3350, is currently not applicable beyond traditional market hours (9:30 a.m. to 4:00 p.m. Eastern Time). See NASD Notice to Members 94-68.

21 Electronic Communication Networks and After-Hours Trading Report at 13.