FOR IMMEDIATE RELEASE                                99-137

Commission Orders Options Markets to Develop a Linkage Plan;
       Options Exchanges Meet at SEC to Discuss Linkage
                        Plan Process
                              
     Washington, DC, October 19, 1999 -- The Commission
issued an order today requiring the American Stock Exchange,
the Chicago Board Options Exchange, the Pacific Exchange,
and the Philadelphia Stock Exchange, and requesting the
International Securities Exchange (collectively, the
"Options Exchanges") to develop an inter-market linkage plan
for multiply traded options.  The Commission's order directs
the Options Exchanges to submit for Commission approval a
linkage plan within 90 days.

     The Commission also hosted a meeting of the Options
Exchanges today to discuss the development of a linkage
plan.  Securities and Exchange Commission Chairman Levitt
said, "An inter-market linkage plan is critical to ensuring
that customer orders receive best execution."

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