NASD Proposes to Establish Nasdaq Order Display Facility

Washington, DC, December 10, 1999 - The Securities and Exchange Commission has published for comment a proposed rule change filed by National Association of Securities Dealers, Inc., through its wholly owned subsidiary, the Nasdaq Stock Market, Inc., to enhance the Nasdaq quotation montage by creating a new facility for the display of trading interest, the Nasdaq Order Display Facility. Under the proposal, Nasdaq will add a new display to the Nasdaq Workstation II that would show the best bid/best offer in Nasdaq and two price levels away from the best bid/best offer, in addition to the aggregate size at each price level of the "displayed" trading interest of market makers, electronic communication networks, and Unlisted Trading Privilege Exchanges. The proposed rule change also would substantially modify the proposed Nasdaq National Market System. Comments on this proposal are due to the SEC no later than December 27.