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To: pater tenebrarum who wrote (34129)	11/24/1999 4:37:00 PM
From: GROUND ZERO™	Read Replies (2) \| Respond to of 99985

Does anyone have a site where I could get the daily advances and declines for each of the averages? Both sites that I've been using are on the blink, including the page here at SI..... Many thanks in advance..... My Best... GZ

To: pater tenebrarum who wrote (34129)	11/24/1999 5:17:00 PM
From: flatsville	Read Replies (1) \| Respond to of 99985

This is from Financials Times, Tuesday issue. Fair Use/etc... US: NY Fed eases Y2K liquidity fears By Edward Luce, Capital Markets Editor The New York Federal Reserve has sold almost $370bn in "liquidity options" to leading banks in an effort to quell panic about the millennium bug. Bankers said the popularity of the options, which offer buyers insurance against the possibility that markets could dry up because of Y2K problems, had already eased fears about the bug. The New York Fed, which conducts open market operations on behalf of the US Federal Reserve in Washington, said it is planning further auctions of liquidity options in the next few weeks. The Fed's unprecedented venture into options sales has turned it into one of the biggest derivatives dealers in the world - an unaccustomed role for the guardian of US monetary stability. The liquidity options are especially popular with marketmakers, because they assure their funding even if financial markets should suddenly dry up over the end of the year. "The markets were expecting liquidity to get progressively worse as the millennium approached, but liquidity has improved in the past two weeks," said Avinash Persaud, head of global research at State Street Bank. "Part of this can be attributed to the success of the Fed's liquidity options." The options, which are legitimate for five days and encompass three five-day periods starting December 23, December 30 and January 6, give the holder the right to access cash from the Fed at a "strike" price of 150 basis points over the Fed funds rate. This means the options would be exercised if liquidity dried up to such an extent that it was only available from the normal inter-bank market at a higher spread than 150 basis points over the Fed funds rate. Bankers say that the popularity of the options combined with the Fed's decision to expand the pool of collateral available to the market to borrow money from its discount window had significantly eased fears of a liquidity crunch over the millennium. "We believe the markets have understood our message that we want the transition to the new millennium to be as smooth as possible," said an official at the Fed in New York. Concerns have also been eased by the belief in bond markets that there is little possibility that the Federal Reserve and the European central banks will raise interest rates in the near future. The Fed and other central banks have printed additional supplies of banknotes in case of a rush by individuals to hold cash over the new year.