Nasdaq Moves Back Date To Extend Availability Of Trade Reporting And Quotation Systems To 6:30 P.M. Eastern Time

The Nasdaq Stock Market® announced today that it intends to move back the date-to October 25, 1999-of its plan to extend availability of the Nasdaq® trade reporting and quotation systems until 6:30 p.m. U.S. Eastern Time (ET). This modification has been submitted to the SEC for final approval. "The delay responds to concerns from some broker/dealers that they need time to modify their internal systems that process and generate trade reports after 4 p.m.," said J. Patrick Campbell, Nasdaq Chief Operating Officer and Executive Vice President. "The postponement will provide them an opportunity to make adjustments to their systems or modify their processes. The extension of these systems will enhance transparency for the investing public and help promote a well-regulated after-hours trading environment." The initiative to make trade reporting and quotation systems available until later in the day is aimed at facilitating a safe and transparent market during supplemental sessions in the same manner as during regular trading hours. The availability of these systems is a direct result of the market technology that gives the National Association of Securities Dealers, Inc. (NASD®) the flexibility to respond quickly to this type of request. The systems that will soon be available to facilitate price transparency, online comparison, and risk management during after-hours trading include: the Automated Confirmation Transaction (ACTSM) Service, a messaging system that records transactions in Nasdaq and other securities, which will shut down at 6:30 p.m., rather than 5:30 p.m.; SelectNetSM, an automated Nasdaq market service that enables securities firms to route orders, negotiate terms, and execute trades in Nasdaq securities, which will extend its closing time from 5:15 p.m. to 6:30 p.m.; the Nasdaq Quotation Dissemination ServiceSM (NQDS), which carries real-time quotation information for Market Makers and electronic communication networks (ECNs) in each issue of the Nasdaq National Market® and The Nasdaq SmallCap MarketSM, and which will be extended from 6:25 p.m. to 6:30 p.m.; and the Nasdaq Trade Dissemination ServiceSM (NTDS), which carries real-time trade-price and volume data for all trade reports that are submitted through ACT to market data vendors and other data feed recipients. The NTDS close will be moved from 5:15 p.m. to about 6:50 p.m. In addition, the dissemination of "Today's US Volume" will be moved from 5:20 p.m. to 6:35 p.m. And the Final Closing Report will include all .T (after hours) Volume and will be disseminated about 6:40 p.m. (All times are U.S. Eastern Time.) The Nasdaq Stock Market lists nearly 5,000 companies and trades more shares per day than any other U.S. market. Nasdaq is a subsidiary of the National Association of Securities Dealers, Inc. (NASD), the largest securities-industry, self-regulatory organization in the United States. For more information about Nasdaq, visit the Nasdaq Web site at www.nasdaq.com or the Nasdaq NewsroomSM at www.nasdaqnews.com.