SECURITIES AND EXCHANGE COMMISSION

     17 CFR Part 240

     (Release No. 34-38860; International Series Release No. 1093; File No. S7-

     16-97)

     Regulation of Exchanges

     AGENCY:   Securities and Exchange Commission

     ACTION:   Extension of the comment period; concept release

     SUMMARY:  The Securities and Exchange Commission ("Commission") is

     extending from September 2, 1997, to October 3, 1997, the comment period

     for Securities Exchange Act Release No. 38672 (May 23, 1997), 62 FR 30485

     (June 4, 1997).  In this release, the Commission reevaluated its approach

     to, and sought public comment on, the regulation of exchanges and other

     markets in light of technological advances and the corresponding growth of

     alternative trading systems and cross-border trading opportunities.  

     DATES:  Comments on the release should be submitted on or before October 3,

     1997.

     ADDRESSES:  Interested persons should submit three copies of their written

     data, views, and opinions to Jonathan G. Katz, Secretary, Securities and

     Exchange Commission, 450 Fifth Street, N.W., Washington, D.C. 20549. 

     Comments may also be submitted electronically at the following e-mail

     address: rule-comments@sec.gov.  All comment letters should refer to File

     No. S7-16-97; this file number should be included on the subject line if

     comments are submitted using e-mail.  All submissions will be available for

     public inspection and copying at the Commission's Public Reference Room,

     Room 1024, 450 Fifth Street, N.W., Washington D.C. 20549.  Electronically

     submitted comment letters will be posted on the Commission's Internet web

     site (http://www.sec.gov).







     SUPPLEMENTARY INFORMATION:  On May 23, 1997, the Commission issued a

     concept release soliciting comment on its approach to the regulation of

     exchanges and other markets in light of technological advances and the

     corresponding growth of alternative trading systems and cross-border

     trading opportunities.<(1)>  The Commission sought comments on a broad

     range of questions concerning the oversight of alternative trading systems,

     national securities exchanges, foreign market activities in the United

     States, and other related issues.  The Commission requested that comments

     on the concept release be submitted by September 2, 1997.

          Recently, the Commission has received requests from interested persons

     for an extension of time within which to comment on the concept release. 

     In light of the range of issues raised in the concept release and the

     Commission's desire to consider the views of all interested persons on the

     subject, the Commission believes that an extension of the comment period is

     appropriate.  Therefore, the comment period for responding to Securities

     Exchange Act Release No. 38672 is extended from September 2, 1997, to

     October 3, 1997.



     By the Commission.

                                             Jonathan G. Katz
                                             Secretary 

     July 22, 1997






                              

          <(1)>     Securities Exchange Act Release No. 38672 (May 23,
                    1997), 62 FR 30485 (June 4, 1997).

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