[Federal Register Volume 65, Number 85 (Tuesday, May 2, 2000)]
[Notices]
[Page 25527]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-10893]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-42723; File No. SR-NYSE-99-48]


Notice of Extension of Comment Period for Issues Relating to 
Market Fragmentation

April 26, 2000.
    On December 10, 1999, the New York Stock Exchange, Inc. (``NYSE'' 
or ``Exchange'') filed with the Securities and Exchange Commission 
(``SEC'' or ``Commission''), pursuant to Section 19(b)(1) of the 
Securities Exchange Act of 1934 (``Exchange Act'') \1\ and Rule 19b-4 
thereunder,\2\ a proposed rule change to rescind Exchange Rule 390. The 
proposed rule change was published for comment in the Federal Register 
on February 28, 2000.\3\ The release publishing notice of the proposed 
rule change also included a Commission request for public comment on 
issues relating to market fragmentation (``Concept Release''). The 
comment period relating to the rescission of Exchange Rule 390 expired 
on March 20, 2000; the comment period for issues related to market 
fragmentation is scheduled to expire on April 28, 2000.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 42450 (February 23, 
2000), 65 FR 10577 (``Concept Release'').
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    The Commission has decided to extend for two weeks until May 12, 
2000, the comment period for issues related to market fragmentation. 
The Concept Release requested comment on a wide range of issues, 
including whether fragmentation is now, or may become in the future, a 
problem that significantly detracts from the fairness and efficiency of 
the U.S. markets. In addition, the Concept Release requested comment on 
six potential options for addressing fragmentation. These issues are 
very complex, and the Commission believes that it will be helpful for 
commenters to have two extra weeks in which to prepare and submit their 
views.
    In this regard, the Commission urges commenters not to limit their 
attention to a single option raised in the Concept Release, 
particularly the option of establishing comprehensive price/time 
priority for all displayed trading interest. This option has been 
widely referred to in the press as a ``CLOB''--a central limit order 
book. The other five options were included in the Concept Release 
specifically to afford commenters an opportunity to submit their views 
on alternatives to a CLOB that would be more focused on specific 
practices or problems that may isolate investor orders, discourage 
quote competition, or impair public price discovery. The Commission 
hopes to receive the benefit of commenters' views on these other 
options as well.
    Interested persons are invited to submit written data, views, and 
arguments concerning issues relating to market fragmentation discussed 
in the Concept Release. Persons making written submissions should file 
six copies thereof with the Secretary, Securities and Exchange 
Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. Comments 
also may be submitted electronically at the following E-mail address: 
[email protected]. All comment letters should refer to File No. SR-
NYSE-99-48. Comments submitted by E-mail should include this file 
number in the subject line. Comment letters received will be available 
for public inspection and copying in the Commission's Public Reference 
Room. Electronically submitted comment letters will be posted on the 
Commission's Internet web site (http://www.sec.gov).
    It is therefore ordered that the period for public comment on 
issues relating to market fragmentation is extended until May 12, 2000.

    By the Commission.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 00-10893 Filed 5-1-00; 8:45 am]
BILLING CODE 8010-01-M