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Thursday, March 23, 2000

As Decimals Deadline Approaches, Hints of Delay Uttered

It appears as though a July 3 deadline to implement decimal pricing in securities markets will be suspended, but a senior Securities and Exchange Commission official could not say authoritatively March 22 that a delay was certain.

"My guess is that the July 3 date needs to be pushed back," said Robert Colby, deputy director of the SEC's division of market regulation. However, he said, the commission is still waiting for comments on the implementation date from several exchanges, most notably the New York Stock Exchange and the Chicago Board Options Exchange.

Edward Kwalwasser, head of the NYSE's regulatory division, said his exchange is ready to move forward with decimalization immediately, but conceded that if others in the industry are not yet ready, and if inconsistent pricing structures are considered irrational, then the NYSE would hold off. "We're not going to go forward if it's not in the public interest," he said.

Excerpted from an article in The Bureau of National Affairs, Inc.'s Securities Regulation & Law Report. This topic is also covered in Daily Report for Executives and Securities Law Daily .

http://www.bna.com/prodcatalog/bus/index.html

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-- (Dee360Degree@aol.com), March 23, 2000