FOR IMMEDIATE RELEASE                        2000-103

    Decimal Implementation Plan Submitted by the National
                    Securities Exchanges
  and the National Association of Securities Dealers, Inc.

     Washington, DC, July 26, 2000 - Pursuant to an Order
issued by the Securities and Exchange Commission on June 8,
2000, the national securities exchanges and the National
Association of Securities Dealers, Inc. have submitted a
comprehensive phase-in plan for decimal pricing in equity
securities and options.  The plan presented to the
Commission calls for decimal pricing to begin in 13 exchange-
listed securities and options on those securities on August
28, 2000.  Decimal pricing will then be expanded to 50 to
100 additional exchange-listed securities and their options
on September 25, 2000.  The plan provides that decimal
pricing for all remaining exchange-listed securities and all
options potentially could begin as early as December 2000.
Any decision to convert all remaining exchange-listed
securities and options between the period December 2000 and
April 9, 2001 will be based on an assessment of industry
readiness, and will be preceded by at least 30 days notice.
Consistent with the Commission's June 8th Order, the plan
also calls for limited decimal pricing in Nasdaq securities
no later than March 12, 2001, and completion of the decimal
conversion for all equity securities and options on or
before April 9, 2001.

     SEC Chairman Arthur Levitt said, "Decimal pricing has
the potential to significantly benefit investors, and to
make our markets more competitive internationally.  I wish
to express my appreciation for the leadership of Congressman
Thomas Bliley and other Members of Congress, as well as the
extensive efforts of the self-regulatory organizations and
the Securities Industry Association, in moving us to this
critical juncture.  The Commission will carefully review the
decimal implementation plan in the coming weeks, and will
work closely with the self-regulatory organizations and the
securities industry to ensure that decimal conversion is
implemented in a safe and orderly manner."
     
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