FOR IMMEDIATE RELEASE                                    2000-52

    SEC Extends Comment Period For Concept Release On Market
                          Fragmentation
                                
   Public Encouraged To Comment On All Six Options in Release

     Washington, DC, April 26, 2000 -- The Securities and
Exchange Commission today extended the comment period for its
Concept Release on market fragmentation from April 28 until May
12, 2000.

     In the Order extending the comment period, the Commission
urges commenters not to limit their attention to a single option
raised in the Concept Release, particularly the option of
establishing comprehensive price/time priority for all displayed
trading interest, sometimes called a CLOB (central limit order
book).  The other five options were included in the Concept
Release specifically to afford commenters an opportunity to
submit their views on alternatives to a CLOB that would be more
focused on specific practices or problems that may isolate
investor orders, discourage quote competition, or impair public
price discovery.

     Division of Market Regulation Director Annette L. Nazareth
said, "In light of the wide range of complex issues addressed in
the Concept Release, including six potential options for
addressing fragmentation, it will be helpful for commenters to
have extra time to prepare and submit their views.  We also
strongly encourage the public to comment on each of the six
options, not just the central limit order book option.  Public
input is an integral part of the rulemaking process and we seek
candid, comprehensive feedback."

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