The New York Stock Exchange Defers Off-Hours Trading Until Second Half 2000

The New York Stock Exchange will defer the implementation of off-hours trading until the second half of 2000, at the earliest, according to NYSE chairman and chief executive officer, Richard A. Grasso. "Very clearly, equities have become a global instrument and extended trading hours will one day be a reality," Mr. Grasso said. "It is equally clear that the introduction of longer hours must be coupled with consumer protection and public trust and confidence in the integrity of the marketplace, the factors that have made U.S. markets the model for the world. We believe, as do many of our key constituents, that the investing public and the market-at-large will best be served by successfully addressing the conversion to decimal pricing and the Y2K requirements of the pending millennium change, prior to extending trading hours." The announcement was made following the meeting of the Exchange's board of directors, which also approved a proposal to close the market at 1:00pm on December 31, 1999.