FOR IMMEDIATE RELEASE 99-132 Commission Approves After-Hours Trading by the Chicago Stock Exchange and Approves Extension of Nasdaq Trade Reporting and Quote Dissemination Systems Washington, DC, October 14, 1999 -- The Commission approved two pilot programs that would allow after-hours trading by the Chicago Stock Exchange ("CHX") and extend the Nasdaq Stock Market's ("Nasdaq") trade reporting and quote dissemination systems. In view of the proposals' potential to increase transparency and investor protection for after-hours trading, the Commission has accelerated the approval of these pilots. Both pilots will expire on March 1, 2000. * Starting October 29, 1999, the CHX will operate on a pilot basis a new "E-Session" from 4:30 p.m. to 6:30 p.m. Eastern Time. During the E-Session, specifically designated limit orders to buy or sell selected securities can be electronically transmitted to specialists on the CHX floor for execution. The consolidated tape will disseminate to investors essential transaction and quotation information until 6:30 p.m. Eastern Time. * Starting October 25, 1999, Nasdaq will operate a more limited pilot that will extend the availability of some of its trade reporting and quotation dissemination facilities until 6:30 p.m. Eastern Time. These facilities were previously available until 5:15 p.m. Eastern Time. The extension of these Nasdaq systems will provide investors with additional transaction and quotation information until 6:30 p.m. Eastern Time. It is important for investors to understand that, while the CHX and Nasdaq pilots will provide essential transaction and quotation information until 6:30 p.m. Eastern Time, these pilots will not interfere with the ability of investors to obtain regular closing price information in securities shortly after the end of the regular trading sessions on the primary markets at 4:00 p.m. Eastern Time. The specifics of these after-hours pilot programs are discussed in more detail in the approval orders. Broker-dealers that are interested in participating in the CHX and Nasdaq pilots and that are executing trades after-hours should carefully review the approval orders for a better understanding of how and when CHX, NASD, and Commission rules will apply to activities in the after-hours market. # # #