SEC Approves XPress Orders and Quotes

Washington, DC, January 2, 2001 - The SEC has approved a proposed rule change filed by the New York Stock Exchange to create a new "XPress order." The SEC has also granted accelerated approval of amendments to the proposed rule change that affect the requirements for executing XPress orders. Comments on the amendments to the proposed rule change are due to the SEC no later than January 19, 2001.

Amendment No. 1 to the proposed rule change specifies that an XPress order must consist of an order of at least 25,000 shares, to be executed against a displayed XPress quote, or at an improved price, if available.

Amendment No. 2 clarifies that an XPress order can receive partial execution when the order is entered against a valid XPress quote, but the quote has been reduced below 25,000 shares (and is no longer XPress eligible).