FOR IMMEDIATE RELEASE              99-176


     Securities Industry Mobilizes For Year 2000 Transition

           Industry Preparations Will Pave The Way To
       A Smooth Transition, According To Industry Leaders

     Washington, DC, December 27, 1999 -- Leaders of the
securities industry's major regulatory organizations and trade
associations joined together to assure investors that Wall Street
will be ready for the Year 2000.  Heads of the President's
Council on Year 2000 Conversion, the Securities and Exchange
Commission (SEC), the National Association of Securities Dealers
(NASD), the New York Stock Exchange (NYSE), the Investment
Company Institute (ICI), and the Securities Industry Association
(SIA) today outlined the extensive steps Wall Street has taken to
prepare the industry's computer systems.

     "The financial services industry was one of the first to
develop a thorough Y2K testing program.  These efforts have
served as a model for other industries both here and abroad,"
said John Koskinen, chair of the President's Council on Year
2000.

     "The financial services industry has a strong commitment to
protecting investors' interests and maintaining the integrity of
the markets," said SEC Chairman Arthur Levitt.  "I am confident
that the goal of `business as usual' on January 3 will be
realized."

     "Hundreds of employees of the New York Stock Exchange and
its technological partner, the Securities Industry Automation
Corporation, have worked diligently, from both an operational and
regulatory perspective, to provide investors and issuers with
reliable access to the market during the transition," said NYSE
Chairman and CEO Richard A. Grasso.  "They will be working
throughout the weekend to make sure that the NYSE is fully
operational on January 3."

     "Preparation for Year 2000 has been a top priority for the
Nasdaq Stock Market, the American Stock Exchange, and NASD
Regulation throughout 1999 and before," said Frank G. Zarb, NASD
chairman and CEO.  "Our efforts have focused not only on fixing
our systems, but also on assisting our member-firms in getting
ready.  I am confident that the integrity of our markets will be
preserved."

     "Preparing for the Year 2000 has been an extremely high
priority for the mutual fund industry for several years," said
Matthew P. Fink, president of the ICI.  "The results of the
mutual fund industry's participation in street-wide testing of
clearance and settlement systems indicate that the industry is
well-prepared."

     "Preparation for the Year 2000 has been the largest
technology project undertaken by the securities industry," said
Marc E. Lackritz, president of the SIA.  "Thanks to the efforts
of thousands of industry professionals who volunteered their
time, we successfully tested Wall Street's systems earlier this
year.  We are now planning for any unforeseen incidents that may
occur, and will have the resources in place over the weekend to
ensure that we can respond immediately to them."

     Industry preparations began more than three years ago,
costing approximately $5 billion. The industrywide testing
project alone involved the work of hundreds of industry
professionals who volunteered their time.  After a successful
beta test, the full test, conducted in March and April and
involving more than 400 securities firms, stock markets and
utilities, resulted in virtually all of the simulated trades
being processed free of "Y2K bugs."

     As part of their efforts to educate investors, the
President's Council, SEC, NASD, ICI and SIA developed a "Year
2000 Investor Kit."  The kit will help investors prepare for the
Year 2000 and includes tips such as:

*    Keep good records (an idea that makes sense at any time);

*    Stay informed about what their financial service providers
  are doing to become Y2K-ready;

*    Obtain any Year 2000 literature provided by their
  broker/dealers, mutual funds, investment advisers or public
  companies in which they hold stock;

*    Invest for the long term and avoid changing their trading
  habits;

*    Not worry about obtaining stock certificates; and,

*    Check the Y2K readiness of their personal computers.

     The kit also features a concise review of the industry's
efforts to prevent Y2K computer problems; a list of frequently
asked questions for investors; a Year 2000 checklist; and
information on how to check personal computers and fax machines
for potential Y2K problems.

     The public can access the "Year 2000 Investor Kit" through
the NASD Web site: http://www.nasdr.com/3600_inv_kit.htm.
Printed copies are available by calling 1-888-227-1330 or sending
an e-mail to y2k@nasd.com.  The kits have also been provided to
securities firms for distribution to their clients.

     Investors can check on the Y2K preparedness of broker-
dealers, mutual funds, and investment advisers on the SEC Web
site at: http://www.sec.gov/news/y2k/y2kreps.htm.

                             #  #  #