Looks like a September, 2000 start date
The SEC issued an order suspending the deadlines for decimal pricing implementation set out in its orders of January 28, 2000 and March 10, 2000.
This action, the SEC rather pointedly noted, was necessary due to the NASD’s recently announced inability to meet the originally planned implementation schedule for decimalization. The SEC also requested comment on two alternatives for initiating decimal pricing in exchange-listed equity securities this year. The first alternative would begin decimal pricing in all exchange-listed securities by September 4, 2000. The second alternative would phase in decimal pricing in certain exchange-listed securities on a pilot basis.
The Decimals Pilot, which could begin by September 4, 2000, would initially include a small number of securities, but would expand to include all listed securities by March 31, 2001. Under both alternatives, the NASD would begin trading in decimals by March 31, 2001. Comments will be due 21 days after publication in the Federal Register. After reviewing comments, the Commission will issue an order establishing a new implementation schedule for decimal pricing.
Copyright 2000, John M. Baker, Esq., Stradley, Ronon, Stevens & Young, LLP, 1220 19th Street, N.W., Suite 700, Washington, DC 20036 – (202) 822-9611- Fax (202) 822-0140 This article was originally posted to the FundLaw List, http://www.egroups.com/group/fundlaw. To subscribe to FundLaw, send a blank e-mail to email@example.com
Nothing herein is intended as legal or financial advice. The law is different in different jurisdictions, and the facts of a particular matter can change the application of the law. Please consult an attorney or your financial advisor before acting upon the information contained in this article.