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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Giordano Bruno who wrote (15147)	5/27/1999 3:52:00 PM
From: Les H	Read Replies (1) \| Respond to of 99985

Nasdaq 100 issues only to be traded in extended market hours. Fact Sheet on Extended Hours The extended hours concepts being addressed are still preliminary in many respects, but the following topics are being considered: Likely extended trading hours would be 5:30 p.m. to 9:00 p.m. or 10:00 p.m., eastern standard time. Tto permit mutual funds to price portfolios and Nasdaq to calculate and disseminate closing bid, ask, last sale, and index values, there needs to be a clear break between normal trading hours and the extended hours session. Further considerations will be given as to when to end the session, 9:00 p.m. or 10:00 p.m. Initially, trading would be limited to Nasdaq-100® issues. To maintain the transparency of the market, which will continue to open for normal trading at 9:30 a.m., last-sale prices along with volume on any trades reported to the Automated Confirmation Transaction Service (ACTSM) would be displayed at 8:00 a.m. EST when ACT is normally available to process trades. All customer protections such as the Order Handling and Manning rules would be in force during the extended hours session. Market Makers participating in the session would be required to maintain firm, two-sided quotes. All transactions would be reported and displayed in real time. Trades would be identified as next day trades when sent to clearing (i.e., the trade date for transactions in a Monday evening session would be identified as next day [Tuesday] trades in reports sent to the National Securities Clearing Corporation). SelectNetSM would be available for accessing Market Maker quotes and Electronic Communication Network (ECN) orders, but there would be no auto-execution capability through SOESSM or its successor system. Securities subject to stock splits or stock dividends would be suspended from trading in the evening session. All online surveillance tools would be operational in the after-hours session and Nasdaq regulatory departments would be staffed accordingly. Participation in the evening session by Market Makers, ECNs and order-entry firms would be voluntary.