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Non-Tech : Le coin des francophones -- Ignore unavailable to you. Want to Upgrade?

To: guytrem who wrote (8343)	12/2/1999 8:33:00 AM
From: guytrem	Respond to of 77509

Sur le nasdaq Nasdaq Delays After-Hours 'Inside' Quotes 4:34 Thursday, December 2, 1999 By Elizabeth Smith NEW YORK (Reuters) - The Nasdaq, bowing to pressure from the U.S. mutual fund industry, said on Wednesday it would hold off on a plan to calculate ``inside' stock quotes after normal market hours until early February. Put simply, an inside quote is the highest price a buyer is will pay for a stock at a certain time and the lowest price at which another investor will sell it. The Nasdaq, a solely electronic market with no trading floor, calculates inside quotes continuously throughout regular market hours. The last one flashes across traders' screens at 4 p.m. -- the end of a regular market day. Mutual fund managers often use the average of a stock's closing inside quote to help calculate the market value of their funds, also known as the net asset value, or NAV. The Nasdaq had planned on Dec. 7 to begin calculating inside quotes until 6:30 p.m., as an extension of its move on Oct. 25 to run some of its pricing systems until that same time. But the mutual fund industry, already saddled with concerns about how its computer systems will handle the so-called millennium computer bug, or Y2K, loudly protested the move. The Investment Company Institute, the industry's powerful trade group, on Nov. 10 wrote to the Securities and Exchange Commission. Extending inside quotes would make it harder for mutual funds to price Nasdaq stocks accurately, the letter said. Mutual funds would have had to rejigger their computer systems so they could crunch the later inside quotes to determine net assert values and, consequently, the price of their shares. ``We're pleased that they have taken into account the interests of shareholders and mutual funds,' Investment Company Institute spokesman Chris Wloszcyzna said. ``We believe that delaying will provide necessary time to test systems and minimize any disruptions.' The Nasdaq said it made its decision after consulting with both the mutual fund industry and the SEC. The Nasdaq also said on Wednesday that all buying and selling of shares after 4 p.m. New York time would be appended with a ``.T' to distinguish them from regular market trades. Prior to Oct. 25, Nasdaq shut its systems at 5:15 p.m. The electronic stock market still ends its trading day at 4 p.m. But with the advent of the Internet and online stock trading, many investors are buying and selling Nasdaq stocks well into the evening. Upstart Electronic trading systems, known as electronic communications networks, or ECNs, are the vehicles through which these trades are carried out. Sometimes no more than a basement full of computers, ECNs electronically match buy and sell orders.