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To: Katie Kommando who wrote (30984)	2/26/2000 2:13:00 AM
From: Katie Kommando	Read Replies (1) \| Respond to of 150070

International Exchange Receives Approval From Federal Regulators Dow Jones Newswires NEW YORK -- The International Securities Exchange, a new computer-based exchange that plans to list options on 600 stocks, cleared a major hurdle Thursday when it received approval from U.S. securities regulators. Approval from the Securities and Exchange Commission will now allow the ISE to finalize plans for opening for business March 26. It will be first new exchange in the U.S. in 27 years. The ISE must now become a member of the Options Clearing Corp., which issues and settles all options contracts, and of the Options Price Reporting Authority, which distributes options prices to Wall Street. The ISE intends to enter into a regulatory alliance with NASD Regulation and with other options exchanges. NASD Regulation, which is the monitoring unit of the National Association of Securities Dealers, will perform certain regulatory functions that aren't covered by the ISE's other regulatory arrangement. The SEC credited the ISE with having a positive impact on the options market, such as improving prices for investors, even though it hasn't yet started trading options. Since the ISE filed its application with the SEC a year ago, the commission noted that existing options exchanges have listed the most active options classes, reducing spreads, or the difference between high and low prices. Along with approving the ISE application, the SEC said it will seek public comment on plans to link U.S. options markets. SEC Chairman Arthur Levitt had ordered options markets to produce a linkage plan, but market participants failed to reach a consensus and ultimately produced three different plans.