FOR IMMEDIATE RELEASE                                  98-71



          Belinda Blaine Named Associate Director in the
                Division of Market Regulation
                              
     Washington, D.C., August 4, 1998 -- Arthur Levitt,
Chairman of the Securities and Exchange Commission,
announced today that Belinda A. Blaine has been named
Associate Director for the Office of Market Supervision in
the Commission's Division of Market Regulation.  She was
most recently Counselor to Chairman Levitt and succeeds
Howard Kramer, who left the Commission in July.

     Ms. Blaine has held various positions at the Commission
over a period of eight years.  In her positions as Deputy
Chief Counsel, Senior Special Counsel to the Director of
Market Regulation, and Counselor to Chairman Levitt, she has
played a central role in developing the Commission's
positions on financial services reform and oversight of the
over-the-counter derivatives market.  She has also been
instrumental in updating the Commission's regulation of
national securities exchanges and alternative trading
systems.

     Chairman Levitt said of Ms. Blaine's promotion,
"Belinda has distinguished herself in every position that
she has held at the Commission.  She has provided valuable
counsel to me, and I know she will be a success in her new
position."

     Ms. Blaine graduated Phi Beta Kappa with a B.A. from
Pomona College, and a J.D. from U.C.L.A Law School.  She is
a member of the District of Columbia and California bars.


                         #    #    #