FOR IMMEDIATE RELEASE                   99-129


   Chairman Levitt Commends the Working Groups on After-Hours
                             Trading

     Washington, DC, October 8, 1999 -- Securities and Exchange
Commission Chairman Arthur Levitt today praised the National
Association of Securities Dealers and the New York Stock
Exchange, as well as their Working Groups on After-Hours Trading,
for their leadership roles in formulating key policy
recommendations regarding trading in the after-hours market.

     Reports were issued today to the NASD and NYSE by three of
the Working Groups (Investor Protection and Education, Clearance
and Settlement and Operations Issues, and Trading Conventions)
that were established following the After-Hours Summit hosted by
Chairman Levitt, NASD Chairman Frank Zarb, and NYSE Chairman
Richard Grasso on June 30, 1999.

     Chairman Levitt said, "These reports provide valuable
insights into issues that must be considered before the major
securities markets open for extended trading.  The report on
investor education and protection also contains recommendations
that are relevant to today's trading environment.  I also
reaffirm that broker-dealers have a clear duty to ensure that
customers' orders receive best executions regardless of the time
of day and to provide their customers with essential information
to make informed choices about participating in after-hours
trading."

     Chairman Levitt particularly commended the Chairs of the
Working Groups for successfully canvassing the views of a broad
cross-section of the industry and consumer groups on issues that
need to be addressed to protect investors and maintain the
orderly operation of critical systems for trading, market
transparency, and clearance and settlement operations.

     The reports will be made available for public comment on the
NASD and NYSE web sites.  In particular, the NASD and NYSE intend
to reach out over the next few months to corporate issuers,
market participants, and consumer groups to consider specific
issues raised by late-day corporate news announcements.

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