Institute Files Comment Letter on NASD's Optimark Proposal

Washington, DC, January 26, 1999 - The Institute has filed a comment letter with the Securities and Exchange Commission supporting a proposed rule change filed by the National Association of Securities Dealers (NASD) to establish the Nasdaq Application, a new electronic screen-based trading system based on the information processing technology provided by OptiMark. The Institute's letter states that investors, both institutional and retail, will benefit from the adoption of the proposed rule change. In particular, the letter states that the Nasdaq Application would increase transparency and facilitate best execution in securities traded on Nasdaq. The letter also discusses how the Nasdaq Application would increase liquidity, reduce trading costs, and increase the efficiency of the Nasdaq market overall.