Nasdaq To Extend Availability of Trade Reporting And Quotation Systems to 6:30 p.m. Eastern Time

The Nasdaq Stock Market® announced today that, in response to numerous requests, it will make the Nasdaq® trade reporting and quotation systems available to organizations that have announced their intentions to trade until 6:30 p.m. U.S. Eastern Time in order to promote a well-regulated environment in after hours trading sessions. The initiative is designed to facilitate a fair and transparent market to protect investors during supplemental sessions in the same manner as during regular trading hours. The availability of these systems will be effective October 1, 1999, and 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 include: the Automated Confirmation Transaction (ACTSM) Service, a messaging system that records transactions in Nasdaq and other securities, which 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.; 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 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.) "By making these key Nasdaq systems available for use by alternative trading systems as well as other market participants that have announced their intention to trade until 6:30 p.m. Eastern Time, we are not, as of now, extending Nasdaq's trading hours," said Frank G. Zarb, Chairman and CEO of the National Association of Securities Dealers (NASD®), the parent company of Nasdaq. "We continue to believe that a full, organized and coordinated effort under the auspices of the Securities and Exchange Commission is in the best interests of the marketplace. We are taking this step so that short of a full effort, investors and broker/dealers will know that they are operating in a regulated environment, which will give integrity to the marketplace. We want to emphasize to investors, however, that there may be different risks in this market such as potential lack of liquidity as well as potential volatility that may not be present during traditional trading hours." 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.