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Non-Tech : Ashton Technology (ASTN)
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To: AJ Berger who wrote (1495)6/3/1999 2:59:00 PM
From: Nanchate  Read Replies (1) of 4443
 
NYSE Delays Extending Trading Hours

.c The Associated Press

(New York Stock Exchange Delays Extending Hours Until Next Year)

NEW YORK (AP) -- The New York Stock Exchange will delay extending its trading hours until next year at the earliest, its chairman announced Thursday.

Richard Grasso said the board of the world's biggest stock exchange would wait first to make sure stock traders smoothly handled two challenges -- the Year 2000 computer bug and the planned shift to reporting stock prices in decimals rather than fractions.

The deadline for the move to decimals is at the end of the second quarter of 2000, more than a year from now.

Grasso said the board felt it was prudent to make sure the public would be confident in the stock market before moving to add either morning or evening trading hours.

Last week, the National Association of Securities Dealers, which governs the Nasdaq Stock Market, approved a plan to extend trading from the current 9:30 a.m.-4 p.m. Eastern time schedule. A second session of the day would likely start at 5:30 p.m. and end at 9 p.m. or 10 p.m.

At the time, Frank Zarb, chairman and chief executive of the NASD, said he expected the changes to take effect around September, after a review by the Securities and Exchange Commission and discussions with industry leaders.

The SEC has been urging restraint, proposing a delay until next year so that the securities industry would not be extending hours at the same time it is confronting Y2K and the shift to decimalization.

AP-NY-06-03-99 1416EDT
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