Decimals Now The Language Of Choice At US Listed Exchanges - Conversion Of Remaining Issues Proceeded Smoothly

After more than 200 years of "eighths" and "halves," the floors of the New York Stock Exchange, the American Stock Exchange, the regionals, and the options exchanges resonated with the sounds of decimals when trading opened. The conversion to decimal pricing, which began on August 28, was completed for issues listed on the exchanges on Monday January 29. Reports from all the exchanges indicate that there were no issues with the conversion of open orders over the weekend, and that the first hours of trading have proceeded smoothly.

The phase-in process, which involved converting approximately 200 issues on August 28, September 25, and December 4, and their associated options, insured that all the specialists at the exchanges had experience trading in decimals prior to today's cutover. "The phase-in plan, and all the other preparation by the industry has resulted in a seamless, problem-free transition," said Donald Kittell, executive vice president of the Securities Industry Association. "The Decimals Exchange Committee and the exchanges deserve a tremendous amount of credit for the cooperative effort that made this happen."

Securities that trade on the Nasdaq Stock Market, including those that also trade on the regional exchanges, will begin converting to decimals on March 12, when 14 Nasdaq issues and one OTC Bulletin Board security, and their associated options, will switch. This will be followed by approximately 150 issues on March 26. Full conversion of Nasdaq equity securities is scheduled for April 9. Additional extended point-to-point tests are scheduled for Saturday, February 10, and Saturday, February 24.

Further information on the NYSE decimalization plan is available at www.nyse.com/decimalization Nasdaq's information is posted at www.nasdaqtrader.com