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To: jccodez who wrote ()	1/30/1999 11:29:00 AM
From: VicS.	Read Replies (1) of 95

from another thread: (on halts) IM-4120-1. NASDAQ Rules Trading Halts A trading halt benefits current and potential shareholders by halting all trading in any Nasdaq securities until there has been an opportunity for the information to be disseminated to the public. This decreases the possibility of some investors acting on information known to them but which is not known to others. A trading halt provides the public with an opportunity to evaluate the information and consider it in making investment decisions. . Nasdaq MarketWatch monitors real time trading in all Nasdaq securities during the trading day for price and volume activity. In the event of certain price and volume movements, the MarketWatch Department may contact an issuer and its Market Makers in order to ascertain the cause of the unusual market activity. The MarketWatch Department treats the information provided by the issuer and other sources in a highly confidential manner, and uses it to assess market activity and assist in maintaining fair and orderly markets. Depending on the nature of the event and the issuer's views regarding the business advisability of disclosing the information, the MarketWatch Department may work with the issuer to accomplish a timely release of the information. Furthermore, depending on the materiality of the information and the anticipated affect of the information on the price of the issuer's securities, the MarketWatch Department may advise the issuer that a temporary trading halt is appropriate to allow for full dissemination of the information and to maintain an orderly market. The institution of a temporary trading halt pending the release of information is not a reflection on the value of the securities halted. Such trading halts are instituted, among other reasons, to ensure that material information is fairly and adequately disseminated to the investing public and the marketplace, and to provide investors with the opportunity to evaluate the information in making investment decisions. A trading halt normally lasts one half hour but may last longer if a determination is made that news has not been adequately disseminated or that the original or an additional basis under Rule 4120 exists for continuing the trading halt. The MarketWatch Department is required to keep non-public information confidential and to use such information only for regulatory purposes. Material information that would reasonably be expected to affect the value of the securities of an issuer or influence investors' decisions would include information regarding issuer events of an unusual and/or nonrecurrent nature. The following list of events, while not an exhaustive summary of all situations in which disclosure to Nasdaq should be considered, may be helpful in determining whether information is material. It should also be noted that every development that might be reported to Nasdaq in these areas would not necessarily be deemed to warrant a trading halt. a merger, acquisition or joint venture; a stock split or stock dividend; earnings and dividends of an unusual nature; the acquisition or loss of a significant contract; a significant new product or discovery; a change in control or a significant change in management; a call of securities for redemption; the public or private sale of a significant amount of additional securities; the purchase or sale of a significant asset; a significant labor dispute; establishment of a program to make purchases of the issuer's own shares; a tender offer for another issuer's securities; and an event requiring the filing of a current report under the Act.

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