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Exchanges, NASD File Amendment Proposals on Decimal Pricing Implementation
Washington, DC, September 22, 2000 – In response to an Securities and Exchange Commission order, the national securities exchanges and the National Association of Securities Dealers, Inc. have filed with the SEC proposed changes to their rules relating to decimal pricing. Although these rule changes of the New York Stock Exchange, American Stock Exchange, and National Association of Securities Dealers, Inc. became effective immediately upon being filed with the SEC, comment is being solicited on them. Comments are due to the SEC by September 29, 2000.
The rule changes were filed in response to a SEC order that required the national securities exchanges and the NASD to submit a phase-in plan to the SEC by July 24, 2000 to provide for decimal pricing in:
- exchange-listed securities and options by September 5, 2000;
- some Nasdaq securities by March 12, 2001; and
- all exchange-listed securities and Nasdaq securities by April 9, 2001.
The SEC’s order also required the exchanges and the NASD to file by August 7, 2000 rule changes necessary to implement the plan.