As Foreign Markets Experience Millennium Change, It’s Business As Usual for U.S. Securities Markets

U.S. securities markets
were open for business as usual today when the calendar rolled
over to January 1, 2000 in other parts of the world.  The U.S.
markets experienced no problems as a result of the millennium
date change in those international markets.  The markets closed
at 1 p.m. today; and trading volume was slightly above that of a
typical shortened holiday trading session.

     U.S. securities markets, including The New York Stock
Exchange, Nasdaq, American Stock Exchange, Chicago Board Options
Exchange, and major broker-dealers, will conduct tests over the
New Year’s weekend to detect any possible problems in their
systems.  At this point, no problems have been detected that
would prevent the orderly opening of trading on January 3, 2000.

     The Securities and Exchange Commission, as well as the self-
regulatory organizations, are continuing to monitor our markets
and to evaluate and address any problems that may arise.  The
Commission will continue to be in constant communication with the
markets, self-regulatory organizations, broker-dealers, mutual
funds, industry trade groups, foreign counterparts, the
President’s Council on Year 2000 Conversion, and other market
participants.