Regulation of Exchanges

SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 240

[Release No. 34-38860; International Series Release No. 1093; File No.

S7-16-97]

Regulation of Exchanges

AGENCY: Securities and Exchange Commission.

ACTION: Extension of the comment period; concept release.

-----------------------------------------------------------------------

SUMMARY: The Securities and Exchange Commission (``Commission'') is

extending from September 2, 1997, to October 3, 1997, the comment

period for Securities Exchange Act Release No. 38672 (May 23, 1997), 62

FR 30485 (June 4, 1997). In this release, the Commission reevaluated

its approach to, and sought public comment on, the regulation of

exchanges and other markets in light of technological advances and the

corresponding growth of alternative trading systems and cross-border

trading opportunities.

DATES: Comments on the release should be submitted on or before October

3, 1997.

ADDRESSES: Interested persons should submit three copies of their

written data, views, and opinions to Jonathan G. Katz, Secretary,

Securities and Exchange Commission, 450 Fifth Street, N.W., Washington,

D.C. 20549. Comments may also be submitted electronically at the

following e-mail address: [email protected]. All comment letters

should refer to File No. S7-16-97; this file number should be included

on the subject line if comments are submitted using e-mail. All

submissions will be available for public inspection and copying at the

Commission's Public Reference Room, Room 1024, 450 Fifth Street, N.W.,

Washington, D.C. 20549. Electronically submitted comment letters will

be posted on the Commission's Internet web site (http://www.sec.gov).

SUPPLEMENTARY INFORMATION: On May 23, 1997, the Commission issued a

concept release soliciting comment on its approach to the regulation of

exchanges and other markets in light of technological advances and the

corresponding growth of alternative trading systems and cross-border

trading opportunities. 1 The Commission sought comments on a

broad range of questions concerning the oversight of alternative

trading systems, national securities exchanges, foreign market

activities in the United States, and other related issues. The

Commission requested that comments on the concept release be submitted

by September 2, 1997.

---------------------------------------------------------------------------

\1\ Securities Exchange Act Release No. 38672 (May 23, 1997), 62

FR 30485 (June 4, 1997).

---------------------------------------------------------------------------

Recently, the Commission has received requests from interested

persons for an extension of time within which to comment on the concept

release. In light of the range of issues raised in the concept release

and the Commission's desire to consider the views of all interested

persons on the subject, the Commission believes that an extension of

the comment period is appropriate. Therefore, the comment period for

responding to Securities Exchange Act Release No. 38672 is extended

from September 2, 1997, to October 3, 1997.

By the Commission.

Dated: July 22, 1997.

Jonathan G. Katz,

Secretary.

[FR Doc. 97-19790 Filed 7-25-97; 8:45 am]

BILLING CODE 8010-01-P