FOR IMMEDIATE RELEASE                                       2000-6


  Statement by Securities and Exchange Commission Chairman Arthur
                              Levitt
                 Regarding Options Market Linkages

     Washington, DC, January 20, 2000 -- Securities and Exchange
Commission Chairman Arthur Levitt today issued the following
statement:

     Ten  years  ago,  almost  to the  day,  the  Commission
     requested   that   the  options  markets   develop   an
     intermarket  linkage  plan  to  ensure  that  customers
     receive   the  best  price  available  in  any  market.
     Yesterday, the options markets submitted plans  for  an
     intermarket  linkage.  These plans reflect  fundamental
     agreement  on  a  number  of  issues  critical  to  the
     protection of investors, including automatic  execution
     of  orders  routed between markets, the  prevention  of
     inferior  executions, and streamlining  entry  for  new
     participants.  This is significant progress  toward  an
     options  market  that better serves  the  interests  of
     investors, and I commend the markets for their efforts.
     
     But   important  differences  remain.   The   exchanges
     disagree  on  fundamental questions, including  whether
     orders   should  be  routed  according  to   price-time
     priority  and whether customer limit orders  should  be
     afforded price protection across markets.  In the  next
     few  weeks,  we will carefully consider all aspects  of
     these  linkage  plans and then publish  the  plans  for
     comment.  We will not let differences among the options
     exchanges stand in the way of this historic opportunity
     to  achieve  a truly national options market.   Options
     investors  have waited far too long for a  market  with
     the most vigorous competition possible.

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