SEC APPROVES NYSE PROPOSED RULE CHANGE RELATING TO DISCLOSURE OF SPECIALISTS' ORDERS

[11033] June 3, 1999 TO: EQUITY MARKETS ADVISORY COMMITTEE No. 20-99 RE: SEC APPROVES NYSE PROPOSED RULE CHANGE RELATING TO DISCLOSURE OF SPECIALISTS' ORDERS ______________________________________________________________________________ The Securities and Exchange Commission ("SEC") has approved a proposed rule change (attached) filed by the New York Stock Exchange (“NYSE”) amending NYSE Rule 115 regarding disclosure of specialists' orders. In particular, Rule 115, as amended, will permit a specialist, in response to a market probe by a member, to give any information concerning the buying and selling interest of orders the specialist holds on its book. The proposal deletes the existing limitation that such disclosed interest be at or near the prevailing quote. The proposal also would permit the specialist to disclose the identity of any buyer or seller represented on its book without being required to have express authorization from the member or member organizations who are representing the buying and selling interest. A member may request, however, that the identity of a buyer or seller not be disclosed at any time, or with respect to a particular order left with a specialist. If you have any questions, please contact the undersigned by phone at (202) 371-5408, by fax at (202) 326-5841, or by e-mail at aburstein@ici.org. Ari Burstein Assistant Counsel Attachment