FOR IMMEDIATE RELEASE                                  99-46

        Michael Walinskas Named Associate Director of
              the Division of Market Regulation

     Washington, DC, May 7, 1999 -- Arthur Levitt, Chairman
of  the Securities and Exchange Commission, announced today
that Michael A. Walinskas has been named Associate Director
for the Office of Market Supervision in the Commission's
Division of Market Regulation.  He was most recently Deputy
Associate Director in the same office.

     Mr. Walinskas has held various positions in the
Division of Market Regulation over a period of eight years.
In his positions as Deputy Associate Director, Senior
Special Counsel, and Options Branch Chief, he has played a
key role in developing the Commission's positions on many
important equity and derivatives market issues.  Some of
these projects included updating the Commission's regulation
of national securities exchanges and alternative trading
systems.

     Chairman Levitt said of Mr. Walinskas' promotion, "Mike
is a hard working, creative, even-handed regulator whose
judgment and abilities have proven invaluable during a time
when  the Commission has been extremely active in bringing
about many important reforms to the U.S. securities markets.
His advice has been key to the success of many of these
reforms and I know he will be a success in his new
position."

     Mr. Walinskas graduated with a J.D. from Georgetown
University Law Center, and a B.A. from the University of
Maryland.  He is a member of the Maryland bar.

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