Regulation of Alternative Trading Systems; Technical Amendment — SEC — US

SECURITIES AND EXCHANGE COMMISSION

17 CFR Parts 202, 240, 242 and 249

[Release No. 34-41297; File No. S7-12-98] RIN 3235-AH41

Regulation of Alternative Trading Systems; Technical Amendment

AGENCY: Securities and Exchange Commission.

ACTION: Final rule; technical amendment and revised compliance date.

SUMMARY: The Securities and Exchange Commission is modifying the compliance dates for Rule 301(b)(3) and making a technical change to Rule 202.3. These and other rules and rule amendments relate to the regulation of alternative trading systems and exchanges and were published on December 22, 1998 (63 FR 70844). The effective date for the other rules and amendments published in 63 FR 70844 remains April 21, 1999, except for the effective date for Secs. 242.301(b)(5)(i)(D) and (E) and Secs. 242.301(b)(6)(i)(D) and (E), which remains April 1, 2000.

DATES: Effective Date: April 21, 1999 for amendment to Sec. 202.3.

Compliance Date: Alternative trading systems must comply with Sec. 242.301(b)(3) with respect to the 50 securities listed in Schedule A by August 23, 1999; with respect to the securities listed on Schedules A and B by September 28, 1999; with respect to the securities listed on Schedules A, B and C by April 25, 2000; and with respect to all securities by June 20, 2000.

FOR FURTHER INFORMATION CONTACT: Elizabeth King, Senior Special Counsel, at (202) 942-0140, Constance Kiggins, Special Counsel, at (202) 942-0059, and Kevin Ehrlich, Attorney, at (202) 942-0778, Division of Market Regulation, Securities and Exchange Commission, 450 Fifth Street, N.W., Washington, D.C. 20549-1001.

SUPPLEMENTARY INFORMATION:

I. Background

On December 8, 1998, the Securities and Exchange Commission (“Commission”) adopted new rules and rule amendments to allow alternative trading systems to choose whether to register as national securities exchanges, or to register as broker-dealers and comply with additional requirements under Regulation ATS, depending on their activities and trading volume.[1] The effective date for most of these new rules and rule amendments is April 21, 1999. The Commission stated in the adopting release that, prior to April 21, 1999, it would publish a list of those securities with respect to which alternative trading systems must comply with Rule 301(b)(3) on April 21, 1999 and those securities with respect to which alternative trading systems must comply with Rule 301(b)(3) on August 30, 1999. Rule 301(b)(3) requires an alternative trading system to provide to a national securities exchange or national securities association, for inclusion in the public quotation system, the prices and sizes of its best priced buy and sell orders, that are displayed to more than one person, in each covered security in which the alternative trading system represents 5% or more of the total trading volume.[2]

[1] Securities Exchange Act Release No. 40760 (Dec. 8, 1998), 63 FR 70844 (Dec. 22, 1998).

[2] 17 CFR 242.301(b)(3). For purposes of Regulations ATS, a “covered security” includes all exchange-listed, Nasdaq NM securities, and Nasdaq Small Cap securities, other than debt and convertible securities. See Rule 11Ac1-1(a)(6), 17 CFR 240.11Ac1-1(a)(6); Rule 300(g), 17 CFR 242.300(g).

II. Delay of the Compliance Dates for Rule 301(b)(3)

One major alternative trading system has indicated that it will be unable to comply with the requirements of Rule 301(b)(3) by the original compliance dates without putting the operation of its system at serious risk of failure. The operational failure of a major alternative trading system could interfere with the markets as a whole. Accordingly, the Commission believes it necessary to adjust the compliance dates for Rule 301(b)(3) as follows:

August 23, 1999: Compliance with Rule 301(b)(3) with respect to the 50 Nasdaq securities listed on Schedule A, attached in the appendix.

September 28, 1999: Compliance with Rule 301(b)(3) for the 50% of Nasdaq securities listed on Schedules A and B, attached in the appendix.

April 25, 2000: Compliance with Rule 301(b)(3) for the 75% of Nasdaq securities listed on Schedules A, B, and C, attached in the appendix.

June 20, 2000: Compliance with Rule 301(b)(3) for all Nasdaq securities.

Schedules A, B, and C were created by ranking all covered securities traded on Nasdaq by their January 1999 volume, and including an equal number of securities from each decile. Some securities that were not traded on Nasdaq in January 1999 may commence trading on Nasdaq subsequently. Alternative trading systems may wait until June 20, 2000 to comply with Rule 301(b)(3) with respect to these securities.

All other compliance dates for the rules and rule amendments adopted last December remain the same. The Commission encourages those alternative trading systems that are able to comply with Rule 301(b)(3) on April 21, 1999 to do so.

Alternative trading systems are reminded that Rule 301(b)(3) only requires alternative trading systems to “provide to a national securities exchange or national securities association” their best priced orders in covered securities in which they represent 5% or more of all trading volume.[3] Accordingly, in the absence of a mechanism for publicly displaying those alternative trading systems' orders in exchange-listed securities, alternative trading systems will not be violating Rule 301(b)(3) if alternative trading systems' best priced orders in those securities in which they trade 5% or more of the volume are not publicly displayed. When a mechanism is developed to display alternative trading systems' orders in exchange-listed securities, Rule 301(b)(3) requires them to cooperate in linking with the market or markets providing that mechanism. Under Section 553(d) of the Administrative Procedure Act,[4] publication of a substantive rule not less than 30 days before its effective date is required except as otherwise provided by the agency for good cause. Because the change extends compliance dates, the Commission finds that there is good cause for doing so.

[3] 17 CFR 272.301(b)(3).

[4] 5 U.S.C. 553(d).

III. Rule of Practice 202.3

On December 8, 1998, the Commission adopted changes to Rule of Practice 202.3(b)(2) regarding the processing of exchanges' applications for registration as national securities exchanges or exemption from registration based on such exchanges' limited volume of transactions. These amendments require the Commission to grant registration or institute proceedings to determine whether registration should be denied within 90 days of the date of filing of an application. Section 19(a)(1) of the Securities Exchange Act of 1934 (“Exchange Act”), however, requires the Commission to grant an exchange's application for registration as a national securities exchange, or institute proceedings to determine whether registration should be denied, within 90 days of the date of publishing notice of the exchange's filing of such application. Consequently, the Commission is making a technical correction to Rule 202.3(b)(2) to conform to the time periods in the statute. The Commission finds, in accordance with Section 553(b)(3)(A) of the Administrative Procedure Act,[5] that the amendment to Rule 202.3 relates solely to agency organization, procedures, or practice, and does not relate to a substantive rule. Accordingly, notice and opportunity for public comment are unnecessary, and publication of the amendment 30 days before its effective date of April 21, 1999 is also unnecessary.

[5] 5 U.S.C. 553(B)(3)(A).

IV. Findings

Section 23(a)(2) of the Exchange Act [6] requires the Commission to consider the anti-competitive effects of any rules it adopts, and to balance these effects against the benefits that further the purposes of the Exchange Act. Further, Section 2 of the Securities Act of 1933 [7] and Section 3 of the Exchange Act,[8] as amended by the recently enacted National Securities Markets Improvements Act of 1996,[9] provide that whenever the Commission is engaged in rulemaking and is required to consider or determine whether an action is necessary or appropriate in the public interest, the Commission also shall consider, in addition to the protection of investors, whether the act will promote efficiency, competition, and capital formation. Because the amendments take steps to assure the fair and orderly activities of the national securities markets and make a conforming correction to a procedural rule, they do not have any anti-competitive effects and they serve to promote efficiency, competition, and capital formation, and are therefore in the public interest.

[6] 15 U.S.C. 78w(a)(2).

[7] 15 U.S.C. 77b.

[8] 15 U.S.C. 78c.

[9] Pub. L. No. 104-290, 106, 110 Stat. 3416 (1996).

List of Subjects in 17 CFR Part 202

Administrative practice and procedure, Securities.

Text of Amendment

For the reasons set out in the preamble, Title 17, Chapter II of the Code of Federal Regulations is amended as follows:

PART 202—INFORMAL AND OTHER PROCEDURES

The authority citation for Part 202 continues to read in part as follows:

Authority: 15 U.S.C. 77s, 77t, 78d-1, 78u, 78w, 78ll(d), 79r, 79t, 77sss, 77uuu, 80a-37, 80a-41, 80b-9, and 80b-11, unless otherwise noted. * * * * *

The last sentence of paragraph (b)(2) of Sec. 202.3 is revised to read as follows:

Sec. 202.3 Processing of filings.

(b) * * *

(2) * * * Within 90 days of the date of publication of a notice of the filing of an application for registration as a national securities exchange, or exemption from registration by reason of such exchanges' limited volume of transactions (or within such longer period as to which the applicant consents), the Commission shall by order grant registration, or institute proceedings to determine whether registration should be denied as provided in Sec. 240.19(a)(1) of this chapter.

Dated: April 16, 1999.

By the Commission. Jonathan G. Katz, Secretary.

Note: The appendix will not appear in the Code of Federal Regulations.

Appendix

Schedule A

AERTA AMXX ASFI ATEST BARZ BCGI BGMR BJCT BPTM BRIOF BWCF CFFC CINRF CLHB CRTQ EXAR FRSH FSFT FUJIY GBNK GCTY GILD IMNX INTC JAGI JBOH JXSB KASP LAKE LCAV LVEN LVMHY MCSC MILB MPTBS NETTW PAWN PCBC PIXR POSIF PRTK SBGI SPCH SSRIF STNRF TBCC

TRID UHCO VRLN WNMP

Schedule B

AAABB AABC AACE AALA AAON AASI AATT ABAG ABAN ABAX ABBBY ABCO ABCW ABDR ABERF ABFI ABOV ABPCA ABRI ABRX ABSC ABTC ABTE ABTI ABTX ACAI ACAM ACAS ACCOB ACEC ACEI ACEIW ACEL ACEP ACES ACHI ACLNF ACLY ACMI ACNAF ACRG ACRN ACRO ACSEF ACTM ACTN ACTU ACVC ACYT ADACE ADAM ADAX ADBE ADCCW ADDM ADECY ADMS ADPT ADRN ADSK ADTK ADTN ADVH ADVNA ADVS AEGGF AEHR AEOS AEPI AERL AERN AERS AESPW AFBC AFCO AFCX AFIC AFLX AFSC AFTXZ AFWY AGAI AGAM AGBGC AGCH AGNU AGRPA AGRPB AHAA AHEPZ AHWYW AICX AIFC AIND AINN AIPN AIRT AKLM AKSY AKZOY ALCO ALDA ALDNF ALDV ALFA ALGSF ALGX ALHY ALHYC ALIF ALLB ALLC ALLIF ALLP ALLR ALNT ALOG ALPH ALRC ALREF ALSC ALTIF ALTR ALXN ALYD AMAC AMAR AMBC AMBI AMCN AMCRY AMCT AMCV AMEN AMENW AMEP AMEPW AMES AMESW AMFM AMLJ AMLN AMMB AMPBB AMPD AMPDW AMPI AMRN AMSC AMSGB AMSO AMTA AMTD AMVP AMVPW AMWD AMXI AMZN ANCO ANDB ANDW ANGN ANIK ANLG ANSR ANSS ANST ANTC ANTP AORGB APAC APAGF APAT APCC APCFY APFC APGR APLX APMC APOG APOL APPB APQCF AQCR ARCAF ARGAC ARGCD ARIAW ARLCF ARMHY ARMXF AROW ARSD ARTE ARTI ARTNA ARTT ARTW ARVX ASAI ASAM ASBC ASBI ASBP ASDG ASGR ASHA ASHEW ASHW ASIGF ASII ASIPY ASMLF ASND ASNT ASPCE ASPT ASPX ASTE ASTI ASTM ASTNW

ASTSF ASTX ASVI ASYCF ASYM ASYS ASYT ATAC ATCI ATEC ATEN ATGI ATLC ATLCW ATLRS ATMI ATMS ATPX ATRO ATSI ATYTF AVCO AVDO AVEC AVGN AVIIW AVIR AVND AVTM AWRE AWWC AXAS AXLE AXLEW AXNT AXPH AXSI AXTI AZIC AZPN AZUR AZURW BAGL BANC BANF BASEA BASI BATS BAYB BBHF BBIOY BBTK BBUC BBUCU BBUCW BCICF BCORY BCRX BCSB BCST BCTI BDCO BDJI BDMS BDRY BDRYW BEAR BEAS BEAV BEBE BEEF BEERF BERW BESIF BEST BETM BEXP BEYE BFAM BFCI BFEN BFSC BGEN BGRH BHIKF BHQU BHWK BIAC BIGC BIKR BIMEC BINC BIORY BIPRY BITI BITS BKSC BKUNA BKUNZ BLCA BLDPF BLOCA BLPG BLSC BLSI BLUE BMCC BMCS BMLS BMTC BNCM BNGO BNHN BNHNA BNSOF BNSWF BNTT BOBE BOBS BOBSW BOGN BOGNW BOKF BOLD BONT BOOL BOOM BORAY BOSA BOSWF BOTX BOYL BPAO BPFH BPLX BPMI BPOP BRCOA BRCP BREL BREW BRGP BRID BRKL BRKT BRLI BRTL BRTLW BSBN BSET BSNX BSRTS BSTC BTEK BTHS BTRN BTSR BTUI BTWS BULL BURMY BUTI BVAS BVCC BVEW BVRSF BVSN BWINA BYFC BYND BZET CACC CACS CADA CAFE CAFEW CAII CAKE CALC CALM CALY CAMP CANI CANRC CARL CARS CARY CASCW CASH CASL CASS CAST CATY CBBI CBBO CBCL CBES CBEV CBEVW CBIN CBKN CBLI CBMI CBRNA CBRNB CBRYA CBSH CBSI CBSS CBTE CBTSY CBXC CCAR CCBG CCBL CCBT CCCIW CCEE CCEL CCHE CCHM CCLNF CCON CCOW CCPRZ CCRD CCSE CCSI

CCUUY CDEN CDIS CDLI CDSI CDSIU CDWC CDWN CECE CELG CELL CELS CEMX CENB CENI CEPH CERB CERG CEXP CFAC CFBC CFFI CFIC CFKY CFMT CFON CFSB CFTP CFWC CFWY CGCA CGCOC CGEN CGGI CGII CGRM CHANF CHCO CHDX CHERA CHEX CHFC CHGO CHIR CHKE CHKR CHMD CHMP CHNG CHRW CHRX CHRZ CHUX CIBN CICI CINS CITC CITI CITZ CKEYF CLCDF CLNTF CLRP CLTX CLWTF CLWY CLZR CLZRW CMCO CMCSA CMCSK CMGT CMIN CMIV CMLS CMMD CMPC CMPD CMPL CMPS CMPX CMRN CMSS CMST CMSVD CMSX CMTI CMTID CMTIW CMTL CMVT CMWLW CNBA CNBF CNBT CNCX CNDO CNDR CNDS CNEBF CNET CNFL CNKT CNNG CNQR CNRMF CNSI CNSO CNTO CNYF CODY CODYU CODYW COFI COGE COGIF COHB COHO COHR COHT COHTW COHU COKE COLB COLM COLTY COMMF CONW COOK CORE CORR CORS COSI COST COTTF COVR COYT CPBI CPCI CPCL CPDN CPIA CPLY CPSS CPTL CPTS CPWM CPWR CRAI CRAN CRBO CRDN CRDT CREAF CRESY CRFT CRGN CRNSF CROS CRRB CRRS CRUS CRXA CRZO CRZY CSBF CSBI CSGI CSLI CSNRW CSON CSPI CSPLF CSRE CSTL CTAS CTBC CTBP CTCOB CTEA CTEC CTEKW CTEL CTHR CTIB CTLG CTSH CTSI CTWO CTWS CUBA CUCO CULS CUNO CVAL CVAN CVAS CVTX CVUS CWCOF CWST CXIL CXIM CXIPY CXSNF CYBGE CYCH CYCL CYCLD CYLK CYOE CYPH CYPHZ CYTC CYTO CYTR DAIEY DALY DATC DATM DAYR DBCC DBII DBLEW DBRN DCAI DCBK DCRNW

DCTI DDIM DDRX DECAF DECC DECK DEFI DEPO DESI DETC DEVC DFCO DFIN DGAS DGIC DGIT DGTC DHMS DHULZ DIALY DIAN DIEG DIGE DIIBF DIMD DINEW DIPL DIPLE DISH DISK DISS DIST DIYS DJCO DKWD DLPH DLTDF DLTK DLTR DLVRY DMRK DNAP DNCC DNKY DOBQ DOCI DOCSF DOCU DOCX DOMZ DORL DOSE DOTX DPAC DPMI DPRC DPTR DRAI DRFNY DRIV DRKN DROV DRRA DRTE DSCI DSCO DSCOU DSCOW DSCP DSCS DSCSW DSET DSGR DSGRW DSLGF DSPT DSTR DTAGY DTII DTPI DTSI DUCK DUSA DVID DVIDW DVIDZ DWSN DWTI DYNT DZTK EASI EBSC EBSI ECGOF ECHO ECILF ECIN ECLP ECOL ECSGY EDAC EDAPY EDBR EDBRW EDFY EDGE EDMC EDUSF EDUT EFBC EFBI EFIC EFTC EGEO EGGS EGLE EGLS EGRP EIDSY EILLD EISI EKFG ELET ELMG ELMS ELNK ELRC ELTKF ELUXY ELXS EMCI EMCO EMIS EMITF EMLTF EMMS EMON EMPI ENBRF ENBX ENDG ENET ENGL ENMD ENML ENPT ENSI ENSW ENTS ENVG ENVY ENZN EPIE EPLTF EPTG EQNX EQUI EQUUS ERIE EROX EROXC ERTH ESCA ESCI ESFT ESLTF ESMCL ESNJZ ESOL ESREF ESRX ESSF ESSI ESST ETEC ETHCY ETRC EUFA EUPH EVAN EVMD EVOL EVSNF EVTC EWEB EXAP EXDS EXGN EXPO EYES EZPW FAHC FAMCK FAME FARC FATS FAUX FAUXW FAVS FBAYF FBBC FBCG FBCI FBHC FBKP FBNW FBRK FCAP FCBIB FCFS FCGI FCME FCNB FCPY FCTR FCWI FDCC FDHG FDJA FDLNA FDLNB FDPC FEIC FERO FFCH FFED FFHS FFIC

FFIN FFKY FFLC FFOH FFSL FFSX FFWC FFYF FIBR FIIF FILMW FINL FLBK FLCIW FLEX FLFC FLGS FLMK FLMLY FLSHF FLWR FLXI FLYT FMBN FMCO FMDAY FMFC FMSB FMXI FNBF FNBN FNBP FNBR FNCE FNDTF FNGB FNIN FOBBA FONE FOOT FORL FORSF FOSL FPGP FPIC FRDM FRIZ FRME FRTZ FSACF FSBI FSCR FSLA FSNM FSPT FSTC FSTH FSTW FSVB FSVP FTFC FTHR FTIC FTSB FTUS FUEL FUELW FULT FUNC FUND FVCX FVNB FWBN FWRD FWRX GADZ GALTF GALXC GASS GBBK GBCB GBCI GBCOB GBCS GBIX GBLX GBSE GBSEW GCFC GCHI GCLI GCOM GCTI GDCOF GDYS GECM GEEK GEER GEHL GELX GENBB GEND GENE GENS GENSW GFCO GFLS GGEN GGUY GIBG GICOF GIFH GIFI GIGA GIII GILTF GKSRA GLAR GLBE GLBK GLDC GLGC GLYT GMAI GMCC GMED GMTI GNCI GNCNF GNET GNSA GNSM GNSSF GNTA GNTX GOAL GOLF GOSB GOTH GOTHZ GPSI GPTX GRAN GRCO GRDL GRDN GREY GRIL GRIN GSBI GSCI GSES GSFC GSII GSLA GSLC GSLMD GSMI GSNX GSPT GSTD GSTRF GTAX GTIM GTIMZ GTIS GTSG GTSI GUAR GUCO GULF GUMM GUSH GWBK GWRX GYMB GYRO GZTC HABC HAHO HAKI HARB HARL HARS HAVA HAWK HBAN HBCCA HBCO HBCOW HBFW HBIX HBNK HCBC HCIA HCOW HCSG HCTLF HDIE HDII HDLD HDNG HDSK HDSN HDVS HDWY HEAT HEII HELX HENL HERBA HFGI HFIT HFSA HFWA HGFN HGIC HGSI HHGP HIBB HIBWF HIBZF HIFN HKID HLFC HLGCF HLIT HLMD

HLRT HLYW HMGC HMGN HMLK HMPS HMSC HMSY HNBC HNCS HOEN HOMEF HOMF HOWT HPAC HPBC HPII HPWR HRBC HRLYW HRSH HSKL HTBK HTCH HTCO HTEI HTHR HTLD HUBC HUBG HUMP HURC HWLD HWYM HYBD IATA IATV IBCA IBCO IBCP IBHVF IBOC IBSDF IBSX ICCSA ICED ICGX ICOC ICOS ICST ICUB IDEA IDGB IDPH IDTC IDTI IDXC IDXX IEIB IFCI IFIN IFIT IFITU IFITZ IFLO IFNY IFSB IFSCD IFSIA IFTI IGCA IGLC IHHI IHIIZ IHOP IHSC IINT IISLF IIVI ILABY ILCO ILDCY ILFO ILOGY IMAG IMAL IMCC IMCI IMCL IMCO IMCX IMGN IMON IMPH IMPX IMPXD IMSI IMTKA IMTN IMUL INAI INBI INCC INDB INDGF INEI INFM INFR INFU INIS INLD INLK INLN INMD INMRY INRB INSGY INSI INSP INSS INTD INTF INTO INTS INTT INTU INTXA IOMT IONAY IPCRF IPIC IPLY IPSW IQIQ IQIQW IQST IREG IRETS ISCO ISCX ISFC ISIP ISKO ISNR ISNS ISWI ISWIW ITCC ITCD ITDS ITEC ITELD ITEQ ITGI ITGR ITIG ITII ITLA ITRC ITSW ITVU IUBC IVAC IVISF IVTC IWHM JACO JADWF JANNF JAPNY JASN JBHT JCBS JCORZ JDAS JDEC JEAN JEFF JJSF JKHY JLMI JLNY JLNYW JMED JNKN JOSB JPSP JSBA JTFX JTWO JUNI JUNO JWAIA JXVL KARE KARR KBALB KELL KENT KESI KEST KIDQ KILN KING KITS KLAC KLIC KLLM KLOC KNAP KNDL KNGT KNIC KNTK KOFX KOGC KOOL KOSS KREN KRHC KROG KRSC KSBK KSWS KTCO KTIE KTTY KWIC

KYZN LABH LABL LACO LADF LAIX LANC LANPF LANV LAYN LCBM LCRY LDII LDSH LEAS LEBC LECE LECT LEPI LEXI LFCO LFUS LFUSW LGAM LGND LGTO LHSG LHSPF LIBB LICB LIFF LIND LINK LION LIPO LITE LJLB LJPC LKST LLTC LMLAF LMTR LNCR LNDL LOCK LODE LODG LOEH LOGC LOJN LPAC LPGLY LPTHA LSCC LSKIC LSON LSTR LTCH LTEK LTRE LUCK LUCY LUFK LUNR LUTH LUXY LWAY LXBK LXMO LYTS LZRC MACE MACR MADB MADGF MAGN MAGSF MAHI MAME MANA MANC MANS MANU MARC MASB MASK MATE MATH MATK MATR MATVY MATW MAVK MAXC MAXF MAYS MAZL MBBC MBFC MBIA MBJI MBLA MBNK MBNY MBRS MBTA MCAR MCBI MCBN MCCL MCFR MCHM MCOM MCON MCRE MCRS MCSX MCTL MDBK MDCC MDCD MDEA MDERF MDEWF MDII MDKI MDMD MDPA MDSIF MDSLF MDWV MEAD MECN MEDJD MEDP MEDQ MEDS MELI MEMCF MENT MEOHF MERB MESA META METB METHA METNF METRW METZ MFAC MFCB MFCO MFCV MFLR MFNX MFRI MGAMZ MGAS MGCC MGCX MGMA MGRC MHMY MICCF MICN MICTF MIKE MIKL MIKR MILK MIMS MINIZ MINT MIPS MISI MKAU MKIE MKTAY MKTW MLAB MLCH MLHR MMACW MMAN MMCN MMWW MNBB MNMD MNRTA MNTX MOCO MODM MOIL MOLX MOLXA MOND MORP MOSX MOVA MOVI MOYC MRBK MRCM MRCY MRET MRGE MRGO MRII MRIS MRRW MRSA MRTN MRVC MRVT MSBF MSBK MSCA MSDX MSFT MSGI MSIX MSON MSPT MSSI MSTR MTEC MTIC MTIN

MTIX MTLG MTLM MTNT MTRA MTRO MTRX MTST MTWKF MTXC MUZEW MVII MVISW MVSN MWAR MWAV MWHX MWRK MXBIF MXICY MXWL MYLX MYST MZON NABI NADX NAIG NAMC NAMCW NANX NARA NASI NATK NATS NAUT NAVR NBCP NBOC NBTB NBTY NCBC NCBE NCBH NCBM NCSS NDSN NECB NECSY NEIB NEIC NEMA NEOM NEON NEOP NEOT NERX NESC NESI NETA NETE NETS NETT NEWC NEWP NEWRZ NFLI NFLIW NGASF NGPSF NHCH NHMCF NHTB NHTCC NICEY NICH NINE NITE NKID NLCI NLCS NMBT NMPC NMPS NMRX NMSS NMTI NMTX NMTXZ NNBR NOBE NOGWF NOLD NOOF NOPT NORPF NORT NOVB NOVL NOVN NOVT NPCI NPIX NPRO NPSI NPSP NPTH NRES NRGN NRIM NRMI NRTI NRTY NSBC NSCC NSCF NSDB NSFC NSIT NSPR NSSI NSTA NSYS NTEC NTLI NTOL NTRL NTRS NUTR NVGNY NVLS NVUE NWEQ NWFI NWFL NWLIA NWRE NWSB NWST NXLK NXTR OAKF OAKT OBCI OBIE OBJS OCCF OCLI OCOM ODSI ODWA OFCP OFIXF OFLDF OFLUF OGGI OHSL OLGR OLOG OLSAY OLSYD OMED OMGA OMQP ONCO ONCOZ ONDI ONHN ONPR ONSSU ONST ONSTW ONTC OPEN OPHDW OPMRF OPSI OPTS OPTT ORBKF ORBT ORLY OROA ORTCZ ORTH ORTHW OSBC OSFT OSIP OSIS OSIX OSSI OSTE OTRKB OTTR OUSA OVBC OWLD OWOS OWWI OXGN OXGNW OXIS OZEMY OZRK PACK PAGE PAMM PANL PANLW PANRA PARL PATI PATK PAYX PAZZF PBCI PBCT PBHC PBIOW PBIX PBKS PBMIW PBNK PBOC PBSF PBSID PBSIW PBTC

PBTX PBYP PCCG PCFC PCFR PCFRW PCHM PCLE PCMS PCRV PCSNC PCSS PCTH PCTHW PCTY PDII PDKL PDLI PDSEW PDSF PEBK PEBO PECX PEEK PEGA PEGAE PENC PENCW PESC PETD PFCB PFCO PFDC PFNC PFSL PGEI PGEOF PGEX PGLD PGNX PHBK PHCC PHEL PHLI PHLYZ PHOC PHON PHSE PHTN PHXX PICM PICO PIFIE PIHCU PILT PIONA PIOS PLAB PLAY PLCE PLDI PLFC PLLL PLNR PLPT PLSIZ PLSK PLTN PLUS PLXS PMCO PMCP PMRP PMRT PMRTZ PMRY PMTC PMTI PMWI PNBC PNBK PNDR PNRG PNTE POCC POCI POOL POSO POVT POWR PPAR PPCO PPDI PPLS PPOD PPRT PPTI PQUE PRAC PRACW PRAN PRBC PRBZ PRCT PRCY PRED PREN PRFM PRFN PRGN PRGO PRGX PRIA PRKR PRLS PRMA PROA PROG PROV PROX PRRR PRTL PRTW PRVT PRWW PRXL PSBI PSCO PSDI PSFC PSFI PSFT PSON PSQL PSRC PSTFY PSUN PSYS PTEC PTIX PTNX PTSI PTUSE PUBO PUMA PUREW PURW PVII PVSA PVSW PWCC PWER PWRH PXXI PYTV PZZA PZZI QADI QCSB QDRMY QEDC QEKG QEPC QFAB QHGI QKTN QLGC QLTIF QRSI QSNDF QSYS QTRN QUAL QUES QUIP QUIZ QUST QWST RACN RADS RADX RAGS RAIN RAND RANGY RAWA RBCAA RBIN RBNC RBOT RBOW RCBK RCCC RCHI RCHY RCII RCMT RCOM RCOMW RDCMF RDGE RDOC RDUS REAL REBC RECY REFR REGN RELI RELV RELY REMX RENEF RENWF REPT RESM RESR RESY RFGI RFHIW RGEN RGFC RGLD RGNT RHCS RHPS RICAD RIFL

RIGS RIGX RIMS RINO RIPE RIVR RKNG RLAXY RLLYW RMBS RMCI RMHT RMOC RMTR RNETW RNIC RNTK ROAC ROAD ROCK ROCLF ROCM ROHN ROIL ROIX ROMC ROMN ROSDF ROSE ROSI ROSWF RPII RRRR RSBI RSFC RSGI RSIS RSLN RSPN RSTI RTEL RTRK RTRSY RURL RUSH RUSMF RVEE RWAV RWDT RYFL RZYM SACM SAESY SAFC SAFT SALT SANM SANYY SAPE SASR SATC SATH SAVLY SBAS SBCM SBEI SBHC SBIB SBIG SBIO SBIT SBLI SBNK SBSE SBSI SBTK SBUX SCAI SCCB SCCO SCES SCFS SCHI SCHR SCIO SCIXF SCMM SCNG SCNI SCNYA SCNYB SCOC SCOT SCSC SCSWF SCTLF SCTT SCUR SCVL SDTI SEAC SECAY SEGU SEIC SELAY SELB SEMD SENEA SENEB SERO SESI SFEF SFFC SFIN SFSK SFSW SFUN SFXE SGAI SGDE SGNL SGNS SGOLY SGPH SGVB SHBK SHLL SHLR SHOE SHOO SHPGY SHRP SHUF SHVA SIAL SIDY SIGYY SIHS SIII SILCF SILI SIMA SIMC SIMS SIRC SIRN SIVB SIZL SKCB SKFRY SKRI SKYC SKYEY SKYF SKYM SLAM SLFI SLHN SLIC SLMD SLNK SLVN SLVR SMBC SMCC SMCH SMCHW SMCX SMEDF SMGS SMIN SMIT SMOD SMPS SMSC SMSI SMTC SMTS SNAP SNDCF SNDK SNDSC SNFCA SNPS SNRS SNSTA SNTC SNTO SNUS SOAPW SOCR SOCT SODK SOFT SOLP SOLPU SONE SONO SOPN SPAN SPAZC SPCO SPCOC SPEC SPFO SPGLA SPIR SPLI SPOR SPPR SPPTY SPTR SPWY SPZN SQNT SRCL SRDX SRGEW SSFC SSII SSLI SSYS STAC STAF STBC STBF STCL STFC

STFR STGC STHLY STMT STOSY STRA STRC STRD STRT STRZ STSA STTZF STVI SUBK SUGN SUMT SUMX SUNH SUNQ SUPC SUPR SUPVU SUPX SVBF SVECF SVRN SWBT SWKOY SXNB SYBS SYGR SYKE SYMC SYMX SYNC SYNT SYNX SYPR SYSF TACO TACT TAIT TALX TANK TAROF TARR TASA TATTF TAVI TAYD TBAEW TBCOA TBCOL TBFC TBUS TBUSW TCCO TCDN TCDNW TCIVA TCIX TCLN TCMS TCNOF TCOMB TCPI TCPS TCSI TCTV TCXXF TDEO TDEOW TECH TECUB TELE TELEU TELEW TELU TELV TENT TERA TESI TESOF TESTA TESTB TEXM TEXP TFCO TFRC TGAL TGCI TGEN TGIS TGNT TGSI THNK THRD THRT TIII TISAF TISWF TKGFA TKGFW TKOCF TLAB TLCM TLDT TLGD TLTN TLXAF TMAN TMAX TMBR TMCS TMEIW TMOT TMSR TMSTB TMXI TNSU TOGA TOPS TOYOY TPARY TPEG TPOA TQNT TRAK TRBO TRBR TRBS TRCD TRCI TRCR TRDT TRDX TREV TREVW TRGNY TRIZF TRKA TRMB TRMK TRMM TRND TRNI TRNS TRON TROW TRSEF TRSM TRST TRUC TRUCW TRUV TRVS TSBS TSCC TSCN TSFW TSIC TSII TSMAF TSSS TSST TSSW TTEC TTELF TTILF TUNE TUTR TVGTF TVGWF TVLI TWFC TWHH TWLB TWMC TWRI TWSTY TXCC TXCO TXHI UACA UBAN UBCD UBID UBIX UBMT UBSC UBSH UCBH UCMP UCOR UDYN UEIC UFBS UFCS UFPT UGLY UHCI UHCP UICI UIHIA ULTI UMED UMPQ UNAM UNBC UNBJ UNFY UNII UNIT UNSRW UNTD UNTY UNVC UNVCW UPUP URBN URGI UROQ USAD USAK USAM USAP USBCE USDL

USEY USEYW USFC USFS USHG USPH USPN USTC USWB UTBI UTCI UTCIW UTEK UTOG UTVI UVEW UVSGA UVSLW VADO VAIL VALN VALU VCAP VCLL VCLLW VCSI VDAT VDATW VDNX VECO VENGF VENT VERP VFLX VFSC VGCO VGHN VIAS VICL VICR VIDE VIFL VINT VION VIONU VIONW VIRS VISG VITK VITL VLAB VLGEA VLNC VMRX VNTV VNWK VOCLF VONE VOXW VPUR VRES VRGN VRIO VRLK VRSN VRTX VRTY VSCI VSEIF VSIN VSIND VSIO VSLF VSNT VSTN VSVR VTCH VTEK VTEX VTNAF VTSS VVUS VVVI WALB WALK WALL WANG WARPF WATFZ WATR WAVO WAXS WAYN WBCO WBPR WBST WCII WCMC WCNX WCOM WCSTF WDFC WDRY WEFC WERN WFDS WFSG WGBC WGOV WHGB WILWF WIND WIRE WLDA WLFC WLHN WLPT WLRF WMCO WNUT WPEC WPIC WPNE WPSN WRDP WRKS WRKSW WRLD WRLSD WRNB WSBI WSBK WSCC WSCI WSFS WSTL WSTNA WTEC WTHG WTLK WVFC WWCA WWES WWLIW WWTR WYNT XATA XEIKY XETA XIOX XLNX XLSW XMCM XMIT XOSY XRAY XRIT XTEL XTON XTRM XYBR XYBRW YANB YELL YFED YHOO YORK YSII ZAPS ZEUS ZHOM ZILA ZING ZION ZITL ZMAX ZMTX ZNDTY ZNRG ZOMX ZOOM ZYSBB

Schedule C

AAGIY AAHS AAIR AAME AASIU AASIW AASP AATI ABBK ABCB ABCL ABCR ABGX ABMC ACAT ACET ACIT ACLR ACNUF ACRI ACSC ACSY ACTL ACTT ADCC ADLI ADLRF ADSP ADVNB AEIS AESP AFFI AFFX AFIS AGIS AGPH AHPI AHWY AILP AIRB AKRN ALAB ALEX ALGI

ALGO ALKS ALLE ALNC ALNK ALOT ALSI ALTA ALTM ALYN AMCC AMCE AMFC AMHC AMRSW AMSFF AMSGA AMSWA AMSY AMVC ANAD ANAT ANDE ANET ANIC ANLT APOS AQLA AREA ARGX ARIA ARINA ARIS ARKR ARMF ARNX ARQL ARRO ARSC ARTC ARTL ASCT ASEC ASFT ASHE ASMIF ASYSW ATLB ATLCU ATML ATPC ATRI ATRM AURA AVAN AVCC AVDL AVGE AVID AVII AVRT AVTR AVXT AXIM AXYS AZTC BAANF BAMM BARR BATSW BBBY BBDC BBII BBRC BBSI BCHE BCII BCIS BCOM BDLS BDOG BEIQ BELFB BERK BFOH BGALY BHAG BHQUC BIGX BIKE BILL BIMCD BIOI BIPL BIRM BJICA BKFR BLCI BLMT BLUD BMAN BMED BMRA BMTR BNBGA BNKU BNRX BONSQ BONZ BOSCF BOSS BOYD BPLS BRAI BRBI BRBK BRYO BSMT BSYS BTBTY BTGC BTGI BUKSC BUNZ BWFC BYBI CACB CADE CAFI CAMD CAND CARD CARN CASA CATH CAVB CBAN CBCI CBMD CBNJ CBNY CBRL CBSA CCCFF CCLR CCRO CDIC CDIR CDMS CDNW CDRD CDSC CDTS CDWI CEBC CECO CEDC CEDR CEFT CELT CENT CERS CETV CFBXL CFBXZ CFCM CFCP CFGI CFNC CGCP CHAR CHERB CHGOW CHRB CHTT CIEN CINF CIRQF CISC CKFR CLAS CLBK CLCP CLFY CLKB CLRS CLRT CLST CLTK CLTR CLTY CLYS CMCI CMDL CMED CMND CMOS CMRO CMSB CMSV CMTO CMWL CNAF CNBC CNGR CNIT CNRD CNRS CNSP CNTL CNTR CNXT COBH COBZ CODI COLL COMS COOP COPI COPY CORX COSC COSE CPMNY CPRT CPTI CPWY CRCL

CRDM CRED CREE CREN CRGO CRHCY CRLS CRRC CRRR CRYSF CSAR CSBK CSCO CSCQ CSCQW CSNR CSWC CSYI CTBI CTCO CTCQ CTEK CTEN CTGI CTIC CTII CTND CTRX CTRY CTSC CTWOW CTXS CTYA CVBK CVCLF CVLY CVTI CWBC CWEI CXILW CYAN CYGN CYPB CYPBZ CYPHW CYSP DAIO DAKT DAOU DAVL DAVX DAWK DBLE DBRSY DCAIW DCLK DCPI DCRN DEAR DECO DECTF DEMP DENT DGII DGJLF DGSI DHBT DHSM DIAGF DIGL DIIG DINE DKEY DLIA DLNK DMDS DMMC DMSC DNEX DNFC DRCO DRMD DRTK DRYR DSGIF DSIT DTEK DTLN DTMC DVIDU DVNTF DWCH DWYR DXPE DXYN DYHM DYII DYMTF DYMX DYNX DYOLF DYPR EAII EASTW EBAY ECBE ECSI EDCO EDUC EEFT EFCX EFII EGASW EGHT EGLO EILL ELAMF ELCO ELIX ELON ELSE ELSI EMAK EMCC EMKR EMLD ENCD ENDO ENER ENGEF ENGSY ENMC ENSO ENSR EPEX EPIQ EQSB EQTX ERCI ERGO ERICZ ESBF ESBK ESCMF ESCO ESIO ESMCW ESON ESPI ESPRY ESTI ETCIA ETEK EUSA EVBS EVER EWST EXAC EXCA EXCO EXEC FACO FACT FARL FARM FARO FASI FAST FAXX FBAN FBER FBNC FBSI FCBF FCBK FCCN FCFC FDTR FEET FESX FFBC FFBZ FFDB FFDF FFES FFHH FFKT FFTI FHCC FHRI FIBC FIFS FILM FIRM FISB FISV FKFS FLCHF FLCI FLDR FLIC FLOW FLPB FLSC FMAX FMBI FMBK FNCLY FNCO FNFI FNLY FONX FORMF FORTY FOUR FRAG FRBK FRES FRGB FRND FRNT FRPP FSAWF FSNJ FSON FSRV FSTR FTBK

FTCG FTEC FTEKF FTFN FTSP FULL FUSE FUTR FWBI FWWB FYII GABC GABS GAEO GASSD GATT GBCOA GBFE GBND GBOT GBTB GDCUF GDCWF GENSZ GENZ GEOC GEOI GGGO GIGX GISH GLCBY GLDB GLDR GLIA GLMA GLUX GMCR GMGC GNCMA GNLB GNRL GNTIY GNTL GNTY GPFI GRDG GRIF GRLL GRTS GSBNW GSLM GSOF GSTX GTCMY GTIMW GTNR GTRC GUPB GZEA GZMO HACH HACHA HAIN HALL HAMP HANS HARY HAST HAUS HAVN HBHC HBOC HCAP HCORC HCRI HEAL HELE HELO HERBB HFBC HHCA HHHH HICKA HIHOF HILI HIPC HISS HITK HMAR HMII HMLD HMSI HMSIU HMSIW HNWC HNWCW HORT HRDG HRVE HSIC HSTD HTEC HTECC HWCC HWKN HYPT HYSL IAAC IACP IART IBIS ICCC ICHR ICII ICIX ICLRY ICMI ICOCZ ICOGF ICOR ICTSF ICUI IDBEF IELSF IFLYW IFMX IGPFF IHIIL IKOS ILNK IMAA IMAT IMAXF IMGK IMKE IMMU IMNR IMONW IMSC IMSG INCY INDYY INFD INFO INFS INGR INHL INHM INHO INKP INKT INLQ INMT INNO INOC INPR INPT INSO INST INSUA INTAF INTG INTL INTXL INTXZ INVN INVX IPEC IRIDF IRSN ISAC ISBF ISEE ISGTF ISIG ISIS ISLE ITRI ITWO IUSAA IZZI JADEF JAMS JEVC JMAR JMCG JSTN JUDG KAMNA KAYE KERA KEYS KFBI KIDD KIDS KINN KLOCZ KMET KOPN KPLNF KPLWF KRON KRSL KTEC KTIC KTII KTWO KTWOW KVCO KVHI KYZNW LABN LABS LACI LAND LARL LASE LAWS LBTYB LCCI LCCO LCOS LCSI LEASW LECH LFED LGCB LGSAF

LIFE LIQB LJPCW LKFN LMAR LMIA LNCB LNCE LNET LOGIY LOGLF LOGN LONDY LPTHW LQMD LSBX LSCP LTCW LUCR LUND LVCI LVLT LVSB MABXA MAII MAIL MAIN MAIR MALL MAPS MARN MARPS MARY MAST MAXI MAXS MBHI MBLF MBRW MCCRK MCHP MCLD MCRI MCRL MDCAF MDCI MDCL MDLK MDSN MDST MECH MEDA MEDI MEDJ MEDM MEDY MEGO MERCS MERK MERQ MERX METF METG METHB METLF MFBC MFIC MFUN MGAM MGAMW MGASW MHCO MICA MIFC MIFGY MIGI MIKN MILT MITSY MLOG MMAC MMGR MMSI MNES MNRCY MNYC MNYCW MODI MOKA MONM MONT MOTO MOTR MPSI MPVIF MRLL MRYP MSEL MSEX MSPTD MSTG MTLC MTMC MTRN MTRS MTSC MTSLF MUEI MUEL MUSE MVAC MVCOW MWDS MWGP MWHS MWSI MXIM MYGN MYSW NAII NATI NATL NATLW NATR NATW NAVG NBAK NBSC NBSI NCEB NCES NCOMC NCTI NERIF NETG NETM NEXT NFLD NGEN NHAN NHCI NHHC NICKF NMGC NMSB NMSCA NOBH NOEL NOIZ NOOFW NPBC NRRD NSIX NSPK NTAIF NTAP NTBK NTEG NTFYW NTKI NTMG NTPA NTPL NTSC NTSTW NUHC NURTF NVDA NVDC NVDCW NWCA NWCMW NWNG NWPX NWREW NWSS NWSW NYHC NZYM OCAD OCAL OCAS ODETA ODFL ODIS OFIS OGLE OHRI OICO OLAB OLCWF OLGC OMPT ONFC ONTR ONTRW ONYX OPHD OPTLF OPTN ORAL ORCI ORCL OREX ORFR ORNGY ORTL ORYX OSFTW OSHSF OSII OTCM OTRX OUTL OVRL OYOG PAASF PACC PAIR PALX PANA PAPA PARA PARS PATH PAUH PBFI PBMI

PCIG PCOP PDSE PDSFW PEAKF PEDE PEGI PERI PERLF PESI PETC PETM PFGI PFINA PFSB PGLAF PGTZ PHFC PHLY PHRX PHSB PHSYB PHYC PHYN PIAM PIHCW PILL PIOG PJTVC PLAN PLCM PLFE PLMD PLSIA PLUSW PMCS PMEDW PMFG PMID PMOR PMORW PMRTW PNTK POLY POWI PPTV PRCC PRCM PRGS PRHC PRMS PRRC PRSP PRZM PSCOW PSWT PTCH PTEK PTEN PTHW PTII PTIS PTRO PTVL PUBSF PULB PULBD PUTT PVAT PVATW PVCC PVFC PWAV QCBC QCOM QDELW QDIN QGENF QGLY QMDC QSRI QTEL QUIX QUSTW RACE RADAF RADIF RAIL RANKY RARE RAVE RAVN RAWL RAZR RBPAA RCNC RDRT REHB REIN RENG RENO RENX RESC RESP REXI REXL REXMY RFIL RFMD RFMI RGBK RGCO RGIS RIBI RICA RICK RIDE RIDG RIVL RLLY RMCF RMII RNET ROBV ROYL RPCLF RSCR RTEX RTRO RTSTD RXSD RYOU SABB SAFE SAFS SANG SASOY SAVB SAWS SBAN SBCO SCBHF SCBS SCHK SCITY SCLN SCOR SDCOZ SECM SECX SEMI SEMX SEQU SEVN SEWY SFAM SFBC SFGD SHCR SHDN SHFL SHLM SHLO SIEB SIGC SIGI SIGM SILVZ SIMN SIMWF SIND SIPX SISGF SIXR SJNB SKAN SKBO SKFB SKYT SKYW SLFC SLICW SLPT SLTID SMAN SMCS SMMT SMTR SMTRF SNBC SNBJ SNBS SNHY SNIC SNSR SNTKY SOBI SOCC SONC SORC SOTR SPAB SPAR SPDE SPLK SPLN SPNSF SPOT SPRI SPRX SPSI SRGE SRSL SSAX SSCC SSIIW SSPE SSSS SSTI STAR STBI STER STIM STIZ STKLF STKR STLTF STRO

STRX STTX SUIT SUMM SUND SUNW SUPI SUSCD SUSQ SVGI SVIN SWFT SWLDY SWMAY SWWC SXTN SYBBF SYCM SYMBA SYNL SYXI TAMR TANT TBAC TCAM TCCC TCHC TCIVB TDRP TDSC TECUA TERN TEST TEVIY TFCE TFONY TFSM TGIC THDO THOR THTL TIMBZ TKIOY TKLC TKTL TLNOF TLSP TLXN TMAR TMBS TMPW TMTV TMTX TNTX TNZRY TOFF TPEGW TRAV TRBD TREN TRES TRFDF TRGA TRGI TRGIW TRGL TRGPW TRIC TRMS TRVL TSAI TSATA TSCP TSEMF TSFT TSRI TTRIF TUBY TUSC TUTS TWIN TWRS TWTR UBCP UBSI UCFC UFAB UFMG UHLD ULGX UNDG UNFI UNIQ UNPH UNSRA UPFC URSI USBN USEC USEG USHP USPL USPTS USTX USVI UVSL VARL VCAI VCAM VCFC VDRY VELCF VERD VESC VFND VIAX VIONZ VITX VLSI VMRXW VMSI VPHM VRBA VRTL VSAT VTEL VVID WABC WACLY WAIN WANGW WAVE WAVEW WAVT WBKC WCBO WCCI WCFB WCLX WDHD WEBB WEBC WEBK WEYS WFMI WFSL WGNR WHIT WHJI WIDFC WIKS WILM WINS WKGP WNNB WOFC WORK WPPGY WSII WSTF WSTR WTBK WTFC WTNY WTRS WTSC WVVI WWESW WWIN WWVY XCED YBTVA YILD ZBRA ZICAF ZIGO ZNRGW ZOLT ZONA ZSEV ZVXI ZYSDD ZYSKK

[FR Doc. 99-10008 Filed 4-16-99; 4:48 pm]

BILLING CODE 8010-01-P