FOR IMMEDIATE RELEASE                                       99-95


            Statement on NASAA Day Trading Report by
    Securities and Exchange Commission Spokesman Chris Ullman

     Washington, DC, August 9, 1999 -- Securities and Exchange
Commission spokesman Chris Ullman today issued the following
statement regarding the North American Securities Administrators
Association's report on day trading:

     "We commend the North American Securities Administrators
Association (NASAA) for its study of day trading.  While day
trading may be appropriate for some people, we particularly
support NASAA's efforts to make clear that day trading is a
highly risky trading strategy.

     "As Chairman Arthur Levitt has said before, no one should
have any illusions about the dangers involved in short term
trading.  It is every investor's duty to understand the risks he
or she is assuming by day trading.  We hope that NASAA's study
significantly contributes to and underscores that understanding.

     "The SEC is conducting examinations of day trading firms
throughout the country to assess their compliance with securities
laws and regulations and to ensure that investors are protected.
Areas under review include:  systems of supervision, disclosure
to customers, capacity issues, and net capital and margin rules.
Any violations of the federal securities laws uncovered in these
examinations will be forwarded to our Enforcement Division.

     "The National Association of Securities Dealers (NASD) is
expected to soon submit to the SEC for its consideration a rule
proposal dealing with suitability and risk disclosure as they
relate to day trading.  The SEC will review the rule after
seeking public comment."

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