[Federal Register Volume 65, Number 53 (Friday, March 17, 2000)]
[Notices]
[Page 14637]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-6608]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-4251 / March 10, 2000, File No. 4-430]


Order Extending the Deadline for Compliance With Portions of the 
Commission's January 28, 2000, Order Directing the Exchanges and the 
National Association of Securities Dealers, Inc. To Submit a 
Decimalization Implementation Plan Pursuant to Section 11A(a)(3)(B) of 
the Securities Exchange Act of 1934

    On January 28, 2000, the Securities and Exchange Commission 
(``Commission'') issued an order requiring the American Stock Exchange 
LLC, the Boston Stock Exchange, Inc., the Chicago Board Options 
Exchange, Inc., the Chicago Stock Exchange, Inc, the Cincinnati Stock 
Exchange, Inc., the National Association of Securities Dealers, Inc. 
(``NASD''), the New York Stock Exchange, Inc., the Pacific Exchange, 
Inc., and the Philadelphia Stock Exchange, Inc. (collectively, the 
``Participants'') \1\ to take certain, specific steps necessary to 
facilitate an orderly transition to decimal pricing in United States 
securities markets (the ``Decimals Order'').\2\ The Decimals Order 
prescribed a timetable for the Participants to complete the required 
steps. The two earliest deadlines set by the Decimals Order require the 
Participants to submit jointly by March 13, 2000 a Decimals 
Implementation Plan, and each Participant to submit by March 28, 2000 
proposed rule changes necessary to implement the Decimals 
Implementation Plan.
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    \1\ Since the date of the Decimals Order, the Commission has 
approved the registration of the International Securities Exchange 
(``ISE'') as a national securities exchange. Release No. 34-42455. 
Accordingly, the Commission hereby includes ISE within the term 
``Participants'' as used in this Order.
    \2\ Release No. 34-42360 (Jan. 28, 2000), 65 FR 5003 (February 
2, 2000).
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    Shortly before the March 13 deadline, the NASD announced that it 
would be unable to begin implementing decimal pricing on July 3, 2000, 
as required by the Decimals Order. The NASD's announcement necessarily 
has consequences for the Decimals Implementation Plan being prepared by 
the Participants. As the Decimals Order emphasized, because of complex 
technical and other issues relating to the ways in which United States 
securities markets and related systems are linked, ``it is imperative 
that all market participants convert to decimals in a coordinated 
manner.'' \3\
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    \3\ Id. at 8.
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    The Commission therefore deems it appropriate and in the public 
interest to extend until April 14, 2000 the deadline for the 
Participants to submit jointly a Decimals Implementation Plan required 
by the Decimals Order. The Commission further deems it appropriate and 
in the public interest to extend until April 28, 2000 the deadline for 
each of the Participants to submit the proposed rule changes necessary 
to implement the Decimals Implementation Plan.
    Accordingly, it is hereby ordered that the deadline for the 
Participants to submit the Decimals Implementation Plan required by the 
Decimals Order is extended until April 14, 2000.
    It is hereby further ordered that the deadline for the Participants 
to submit the proposed rule changes necessary to implement the Decimals 
Implementation Plan is extended until April 28, 2000.

    By the Commission.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 00-6608 Filed 3-16-00; 8:45 am]
BILLING CODE 8010-01-M