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01-16 Member Obligations To Provide Statistical Information About Order Executions Under Rule 11Ac1-5 of the Securities Exchange Act of 1934 (The SEC extended by 30 days the compliance date for the first phase-in of securities)

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The SEC extended by 30 days (from April 2, 2001 to May 1, 2001) the compliance date for the first phase-in of securities subject to the Rule. The SEC also issued interpretive guidance for the Rule and granted certain exemptions, including an additional extension of time for certain smaller market centers that contract with a vendor to provide the necessary reporting services. See below for a listing of associated documents.

SEC Release Extending Compliance Date

SEC Staff Legal Bulletin

SRO Joint Plan

Sample Disclosure Report Format

Letter Granting Temporary Exemption for Certain Smaller Market Centers

SEC Letter to SIA Granting Certain Exemptions

INFORMATIONAL

Exchange Act Rule 11Ac1-5

SUGGESTED ROUTING

KEY TOPICS

Executive Representatives
Legal & Compliance
Operations
Senior Management

Exchange Act Rule 11Ac1-5
Disclosure of Order Execution



Executive Summary

On November 17, 2000, the Securities and Exchange Commission (SEC) adopted Exchange Act Rule 11Ac1-5 ("Rule"), which requires "market centers" that trade national market system securities to make available standardized, monthly reports containing statistical information about "covered order" executions. The Rule is intended to promote visibility and competition in order execution quality, particularly with respect to execution price and speed.

The Rule defines a market center as "any exchange market maker, OTC market maker, alternative trading system, national securities exchange, or national securities association." In order to establish uniform reporting procedures between market centers, the Rule directs national securities exchanges and the National Association of Securities Dealers, Inc. (NASD®) to submit for approval by the SEC a joint national market system plan. The plan must be submitted no later than February 15, 2001. A proposed plan (Attachment A) has been drafted, but has not yet been submitted to the SEC for approval. As further detailed in this Notice, the first phase-in of securities subject to the Rule will begin on April 2, 2001.

Questions/Further Information

Questions concerning this Notice may be directed to Kathleen O'Mara, Assistant General Counsel, or Philip Shaikun, Assistant General Counsel, Office of General Counsel, NASD Regulation, at (202) 728-8071.

Background and Information

In an effort to increase visibility of execution quality and promote competition in the securities markets, the SEC on November 17, 2000 adopted Exchange Act Rules 11Ac1-5 (Attachment B) and 11Ac1-6.1 Generally, the rules seek to improve the ability of public investors to monitor orders after they are submitted to a broker/dealer for execution. Rule 11Ac1-5 requires "market centers" to prepare and make publicy available monthly reports in electronic form that categorize order executions and include statistical data about execution quality. The Rule defines a market center as "any exchange market maker, OTC market maker, alternative trading system, national securities exchange, or national securities association." The Rule requires market centers to prepare reports on "covered orders" in national market system securities that it receives from any person.2 A covered order is defined in the Rule as any market order or any limit order (including immediate-or-cancel orders) received by a market center during regular trading hours at a time when a consolidated best bid and offer is being disseminated, and, if executed, is executed during regular trading hours, but shall exclude any order for which the customer requests special handling for execution, including, but not limited to, orders to be executed at a market opening or closing price, orders submitted with stop prices, orders to be executed only at their full size, orders to be executed on a particular type of tick or bid, orders submitted on a "not held" basis, orders for other than regular settlement, and orders to be executed at prices unrelated to the market price at the time of execution.

Special NASD Notice to Members 01-16 To facilitate cross-market comparisons, the Rule establishes and defines uniform measures of execution quality, among them effective spread, rate of price improvement and disimprovement, fill rate, and execution speed.3 The Rule requires the market center reports to be categorized by individual security, order type, and order size. The Rule sets forth five order types (market, marketable limit, inside-the-quote limit, at-thequote limit, and near-the-quote limit) and four order sizes (100-499 shares, 500-1999, 2000-4999, and 5000 or more). For each of the categories, the Rule further requires specific columns of statistical information related to execution quality. Members should refer directly to the Rule for the specific information required. The text of the Rule can be found in Attachment B of this Notice.

The Rule also directs the selfregulatory organizations (SROs) to submit a joint plan to the SEC that sets forth procedures and standards for market centers to produce publicly available monthly reports in a readily accessible, uniform, and usable electronic format. The plan must be submitted to the SEC by February 15, 2001. View Attachment A to this Notice for the text of the currently proposed plan. However, members should be advised that the plan could change before it is submitted to the SEC. Moreover, the SEC has indicated that it will publish the plan for notice and comment before final approval. We anticipate that the plan will receive final SEC approval prior to the compliance date of April 2, 2001.4

The proposed plan obligates each market center to make its files available for downloading on an Internet site. Each market center must notify its "designated participant" - either a national securities exchange or the NASD - of a hyperlink to the Internet site where its files can be found and downloaded. Each designated participant is further required to maintain an Internet site where links to files for all of its responsible market centers can be accessed. An entity that acts as a market maker in different trading venues (e.g., as a specialist on an exchange and as an over-the-counter (OTC) market maker) will be considered a separate market center for each of those trading venues. As such, the entity should arrange for a separate designated participant for each market center/ trading venue (e.g., an exchange for its specialist trading and an association for its OTC trading).

Effective Dates

The first phase-in of securities subject to the Rule will begin on Monday, April 2, 2001. As of that date, the Rule will apply to the 1000 NYSE securities, 1000 Nasdaq securities, and 200 Amex securities with the highest average daily share volume for the quarter ended December 31, 2000. A list of the Nasdaq securities that will be subject to the Rule on April 2, 2001 can be found in Attachment C of this Notice. Members should consult with the NYSE and Amex to determine their securities that initially will be subject to the Rule. On the first phase-in date, market centers must begin collecting the necessary data to prepare their monthly reports. In addition, they must make their first report, for April 2001, available by the end of May 2001.

The second phase-in date will be July 2, 2001. From that date forward, the Rule will apply to the next 1000 NYSE securities, the next 1000 Nasdaq securities, and the next 200 Amex securities with the highest average daily share volume for the quarter ending March 31, 2001. The third and final phase-in of the Rule will begin on October 1, 2001. From that date forward, the Rule will apply to all national market system securities.


Endnotes

1 Generally, Rule 11Ac1-6 requires broker/dealers to disclose the identity of market centers to which they route orders on behalf of customers. The compliance date for Rule 11Ac1-6 is July 2, 2001. However, unlike Rule 11Ac1-5, it imposes obligations solely on members and does not involve any joint SRO plan that determines details of those obligations. Accordingly, this Notice only addresses Rule 11Ac1-5 and member obligations under the joint plan required by that rule.

2 National market system securities are designated under Exchange Act Rule 11Aa2-1, which incorporates the definition of reported security used in Exchange Act Rule 11Aa3-1. Currently, this designation applies to exchange-listed equities and equities included in the National Market tier of Nasdaq.

3 While the Rule emphasizes disclosure of execution price and speed, it does not purport to encompass all information relevant to order execution quality. The Rule specifically notes that the information required "does not create a reliable basis to address whether any particular broker/dealer failed to obtain the most favorable terms reasonably available under the circumstances for customer orders."

4 Members should be aware that their obligations under the Rule could commence prior to approval of the proposed joint plan. In the event that a plan has not been approved by the SEC prior to the compliance date of the Rule (April 2, 2001), the Rule requires each market center to prepare their reports in a "consistent, usable, and machine-readable electronic format, and make such reports available for downloading from an Internet web site that is free and readily accessible to the public."


ATTACHMENT A

Attachment A - Draft Plan to be Submitted to the SEC

DRAFT PLAN TO BE SUBMITTED TO THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 11Ac1-5 UNDER THE SECURITIES EXCHANGE ACT OF 1934

Preamble

The Participants submit to the SEC this Plan establishing procedures for market centers to follow in making available to the public the monthly reports required by Rule 11Ac1-5 in a uniform, readily accessible, and usable electronic form. The Participants developed this Plan pursuant to paragraph (b)(2) of the Rule, which directs the Participants to act jointly in establishing such procedures.

I. Definitions
(a) "Designated Participant" means the Participant with which each market center has made the arrangements set forth in Section VIII of the Plan.
(b) "Exchange Act" means the Securities Exchange Act of 1934, as amended.
(c) "Participant" means a party to the Plan.
(d) "Plan" means the plan set forth in this instrument, as amended from time to time in accordance with its provisions.
(e) "Rule" means Rule 11Ac1-5 under the Exchange Act.
(f) "SEC" means the United States Securities and Exchange Commission.
(g) All terms defined in paragraph (a) of the Rule shall have the same meaning when used in the Plan, unless otherwise specified.
II. Parties
(a) List of Parties
The parties to the Plan are as follows:
American Stock Exchange LLC ("Amex"), registered as a national securities exchange under the Exchange Act and having its principal place of business at 86 Trinity Place, New York, New York 10006.
Boston Stock Exchange, Inc. ("BSE"), registered as a national securities exchange under the Exchange Act and having its principal place of business at 100 Franklin Street, Boston, Massachusetts 02110.
Chicago Stock Exchange, Inc. ("CHX"), registered as a national securities exchange under the Exchange Act and having its principal place of business at 440 South LaSalle Street, Chicago, Illinois 60605.
Cincinnati Stock Exchange, Inc. ("CSE"), registered as a national securities exchange under the Exchange Act and having its principal place of business at 440 South LaSalle Street, Suite 2600, Chicago, Illinois 60605.
National Association of Securities Dealers, Inc. ("NASD"), registered as a national securities association under the Exchange Act and having its principal place of business at 1735 K Street, N.W., Washington, D.C. 20006.
New York Stock Exchange, Inc. ("NYSE"), registered as a national securities exchange under the Exchange Act and having its principal place of business at 11 Wall Street, New York, New York 10005.
Pacific Exchange, Inc. ("PCX"), registered as a national securities exchange under the Exchange Act and having its principal place of business at 301 Pine Street, San Francisco, California 94104.
Philadelphia Stock Exchange, Inc. ("Phlx"), registered as a national securities exchange under the Exchange Act and having its principal place of business at 1900 Market Street, Philadelphia, Pennsylvania 19103.
(b) Compliance Undertaking
By subscribing to and submitting the Plan for approval by the SEC, each Participant agrees to comply with and to enforce compliance by its members with the provisions of the Plan.
(c) New Participants
The Participants agree that any entity registered as a national securities exchange or national securities association under the Exchange Act may become a Participant by: (i) executing a copy of the Plan, as then in effect; (ii) providing each then-current Participant with a copy of such executed Plan; and (iii) effecting an amendment to the Plan as specified in Section III(b) of the Plan.
III. Amendments to Plan
(a) General Amendments
Except with respect to the addition of new Participants to the Plan, any proposed change in, addition to, or deletion from the Plan shall be effected by means of a written amendment to the Plan that: (A) sets forth the change, addition, or deletion; (B) is executed on behalf of each Participant; and (C) is approved by the SEC or otherwise becomes effective pursuant to Section 11A of the Exchange Act and Rule 11Aa3-2 thereunder.
(b) New Participants
With respect to new Participants, an amendment to the Plan may be effected by the new national securities exchange or national securities association executing a copy of the Plan, as then in effect (with the only changes being the addition of the new Participant's name in Section II(a) of the Plan and the new Participant's single-digit code in Section VI(a)(1) of the Plan) and submitting such executed Plan to the SEC for approval. The amendment will be effective when it is approved by the SEC or otherwise becomes effective pursuant to Section 11A of the Exchange Act and Rule 11Aa3-2 thereunder.
(c) Advisory Committee on Plan Amendments
(1) Each Participant shall select from its staff one individual to represent such Participant as a member of an Advisory Committee on Plan Amendments ("Advisory Committee"), together with a substitute for such individual. Such substitute may participate in deliberations of the Advisory Committee and shall be considered a voting member thereof only in the absence of the primary representative. Each Participant shall have one vote on all matters considered by the Advisory Committee.
(2) The Advisory Committee shall monitor the procedures established pursuant to this Plan and advise the Participants with respect to any deficiencies, problems, or recommendations as the Advisory Committee may deem appropriate. Any recommendation for an amendment to the Plan from the Advisory Committee that receives an affirmative vote of at least two-thirds of the Participants, but is less than unanimous, shall be submitted to the SEC as a request for rulemaking under Exchange Act Rule 11Aa3-2.
IV. Overview of Plan Procedures
Any market center required by the Rule to make monthly reports available to the public shall prepare such reports in the form of electronic data files that meet the requirements set forth in Sections V and VI of the Plan. A market center shall make its files available for downloading on an Internet site in accordance with the provisions set forth in Section VII of the Plan. In accordance with Section VIII of the Plan, each market center1 shall make arrangements with a single Participant to act as the market center's Designated Participant. A market center shall notify its Designated Participant of a hyperlink to the Internet site where its files can be downloaded. Each Participant will maintain an Internet site that includes a comprehensive list of links where the files can be obtained for all of the market centers for which the Participant functions as a Designated Participant.
V. File Type, Compression, and Naming
Files shall be prepared in standard, pipe-delimited ("|") ASCII format and compressed using standard Zip compression. Uncompressed files shall be named according to the following convention: "[file identification code][six-digit date code (yyyymm)].dat". A market center will use the file identification code assigned to it pursuant to Section VIII of the Plan. The date code shall refer to the calendar month of trading for the market center report contained in the file. Compressed files will be named according to the same convention, except that the extension will be ".zip".
VI. File Structure
(a) Order and Format of Fields
(1) The first field in a file shall be the code identifying the Participant that is acting as Designated Participant for the market center under Section VIII of the Plan. The Participant identification codes are as follows: Amex - "A"; BSE - "B"; CHX - "M"; CSE - "C"; NASD - "T"; NYSE - "N"; PCX - "P"; Phlx - "X".
(2) The next field in a file shall be the code identifying the market center, as assigned by a Designated Participant pursuant to Section VIII of the Plan.
(3) The next field in a file shall be the six-digit code identifying the date of the calendar month of trading for the market center report contained in the file ("yyyymm").
(4) The next field in a file shall be the symbol assigned to an individual security under the national market system plan pursuant to which the consolidated best bid and offer for such security are disseminated on a current and continuous basis.
(5) The next field in a file shall be the code for the one of the five types of order by which the Rule requires a market center to categorize its report. The order type codes are as follows: market orders - "11"; marketable limit orders - "12"; inside-the-quote limit orders - "13"; at-the-quote limit orders - "14"; near-the-quote limit orders - "15".
(6) The next field in a file shall be the code for one of the four order size buckets by which the Rule requires a market center to categorize its report. The order size codes are as follows: 100-499 shares - "21"; 500-1999 shares - "22"; 2000-4999 shares - "23"; 5000 or more shares - "24".
(7) The next field in a file shall be the number of covered orders, as specified in paragraph (b)(1)(i)(A) of the Rule.
(8) The next field in a file shall be the cumulative number of shares of covered orders, as specified in paragraph (b)(1)(i)(B) of the Rule.
(9) The next field in a file shall be the cumulative number of shares of covered orders cancelled prior to execution, as specified in paragraph (b)(1)(i)(C) of the Rule.
(10) The next field in a file shall be the cumulative number of shares of covered orders executed at the receiving market center, as specified in paragraph (b)(1)(i)(D) of the Rule.
(11) The next field in a file shall be the cumulative number of shares of covered orders executed at any other venue, as specified in paragraph (b)(1)(i)(E) of the Rule.
(12) The next field in a file shall be the cumulative number of shares of covered orders executed from 0 to 9 seconds after the time of order receipt, as specified in paragraph (b)(1)(i)(F) of the Rule.
(13) The next field in a file shall be the cumulative number of shares of covered orders executed from 10 to 29 seconds after the time of order receipt, as specified in paragraph (b)(1)(i)(G) of the Rule.
(14) The next field in a file shall be the cumulative number of shares of covered orders executed from 30 to 59 seconds after the time of order receipt, as specified in paragraph (b)(1)(i)(H) of the Rule.
(15) The next field in a file shall be the cumulative number of shares of covered orders executed from 60 to 299 seconds after the time of order receipt, as specified in paragraph (b)(1)(i)(I) of the Rule.
(16) The next field in a file shall be the cumulative number of shares of covered orders executed from 5 minutes to 30 minutes after the time of order receipt, as specified in paragraph (b)(1)(i)(J) of the Rule.
(17) The next field in a file shall be the average realized spread for executions of covered orders, as specified in paragraph (b)(1)(i)(K) of the Rule. The amount shall be expressed in dollars and carried out to four decimal places.
(18) The next field in a file shall be the average effective spread for executions of covered orders, as specified in paragraph (b)(1)(ii)(A) of the Rule. The amount shall be expressed in dollars and carried out to four decimal places.
(19) The next field in a file shall be the cumulative number of shares of covered orders executed with price improvement, as specified in paragraph (b)(1)(ii)(B) of the Rule.
(20) The next field in a file shall be, for shares executed with price improvement, the share-weighted average amount per share that prices were improved, as specified in paragraph (b)(1)(ii)(C) of the Rule. The amount shall be expressed in dollars and carried out to four decimal places.
(21) The next field in a file shall be, for shares executed with price improvement, the share-weighted average period from the time of order receipt to the time of order execution, as specified in paragraph (b)(1)(ii)(D) of the Rule. The period shall be expressed in number of seconds and carried out to one decimal place.
(22) The next field in a file shall be the cumulative number of shares of covered orders executed at the quote, as specified in paragraph (b)(1)(ii)(E) of the Rule.
(23) The next field in a file shall be, for shares executed at the quote, the share-weighted average period of time from the time of order receipt to the time of order execution, as specified in paragraph (b)(1)(ii)(F) of the Rule. The period shall be expressed in number of seconds and carried out to one decimal place.
(24) The next field in a file shall be the cumulative number of shares of covered orders executed outside the quote, as specified in paragraph (b)(1)(ii)(G) of the Rule.
(25) The next field in a file shall be, for shares executed outside the quote, the share-weighted average amount per share that prices were outside the quote, as specified in paragraph (b)(1)(ii)(H) of the Rule. The amount shall be expressed in dollars and carried out to four decimal places.
(26) The next field in a file shall be, for shares executed outside the quote, the share-weighted average period of time from the time of order receipt to the time of order execution, as specified in paragraph (b)(1)(ii)(I) of the Rule. The period shall be expressed in number of seconds and carried out to one decimal place.
(b) Records
Files shall have separate records for each combination of security, order type, and order size by which a market center must categorize its report under the Rule (a maximum of 20 records for each individual security).2 The end of each record shall be designated by a carriage return line feed. If there are no orders on which a market center must report during a month for a specific combination of security, order type, and order size, no record for such combination need be displayed. If there is no data for a particular field within a record (e.g., the Rule does not require such information for inside-the-quote limit orders, at-the-quote limit orders, and near-the-quote limit orders), the field shall be left empty.
VII. Internet Sites for Downloading Market Center Files
A market center shall make its compressed files available for downloading (via FTP) at a single page on an Internet site that is free of charge and readily accessible to the public.3 A market center shall make available on such page the files containing at least the three most recent monthly reports of the market center.
VIII. Functions of Designated Participant
Each market center shall be responsible for arranging with a single Participant to act as the market center's Designated Participant.4 The functions of a Designated Participant are as follows.
(a) Assignment of Market Center and File Identification Codes
A Designated Participant shall assign a unique market center identification code to each market center for which it acts as Designated Participant. If an individual market center's report will be included in a file that contains only that market center's report, the file identification code for the file shall be the same as the market center identification code. If an individual market center's report will be included in a file that contains any additional market center's report (e.g., if the reports for all of an exchange's specialists are included in a single file), the Designated Participant also shall assign a separate file identification code for such file. All Designated Participants will act jointly to assure that no market center or file is assigned a code that previously has been assigned (e.g., by circulating advance notice to all Participants of codes that have been assigned).
(b) Maintenance of Market Center Identification Files
A Designated Participant shall create and maintain a market center identification file (in standard, pipe-delimited ("|") ASCII format) for each calendar month. Such file shall contain fields setting forth, in order, (A) the identification code for the Designated Participant (as set forth in Section VI(a)(1) of the Plan); (B) all market center identification codes that the Designated Participant has assigned for the month, (C) the full name of the market center (in upper case), and (D) the file identification code applicable to each market center (if different from the market center identification code). A Designated Participant shall make at least the three most recent market center identification files available for downloading (via FTP) on an Internet site that is free of charge and easily accessible to the public.
(c) Maintenance of Internet Site with Links to Download Sites
A market center shall notify its Designated Participant of the hyperlink to the location where the market center's files can be downloaded in accordance with Section VII of the Plan. A Designated Participant shall maintain a comprehensive list of the hyperlinks provided by its market centers at the same location at which market center identification files can be downloaded in accordance with Section VIII(b) of the Plan. As a result, anyone who wishes to download all files for a month can be assured that, if they visit the Internet sites of all Participants, they will find hyperlinks to all files for the month.
(d) Change of Designated Participant
A market center may change the identity of its Designated Participant only by arranging with another Participant to act as a replacement. The Participant that has agreed to act as a replacement Designated Participant shall provide written notice of the change to all other Participants, as well as make such notice available on the Internet site maintained by the replacement Designated Participant under Section VIII(b) of the Plan. The notice shall specify both the past and new market center identification code and file identification code for the market center, or state that the codes have not changed. The change shall not be effective until 30 days after the date of the written notice.
IX. Internet References to Information Required by Rule
When referring to information on Internet sites that the Rule requires to be made available to the public, market centers and Designated Participants shall use the phrase "Disclosure of SEC-Required Order Execution Information."
X. Specifying Regular Trading Hours Under the Rule
With respect to the meaning of the term "regular trading hours" under paragraph (a)(19) of the Rule, the Participant who maintains the primary listing for a national market system security shall specify the regular trading hours for such security if they are to be other than the time between 9:30 a.m. and 4:00 p.m. Eastern Time. To effect a specification of regular trading hours under this Section X, a Participant shall submit a proposed rule change to the SEC under Section 19 of the Exchange Act. A Participant may specify as regular trading hours for a security only those times when the Participant itself is trading the security.
XI. Withdrawal from Plan
If a Participant ceases to be subject to the Rule or obtains SEC approval for another means of complying with the Rule, such Participant may withdraw from the Plan at any time on not less than 30 days' prior written notice to each of the other Participants. At such time, the withdrawing Participant shall have no further rights or obligations under the Plan.
XII. Counterparts and Signatures
The Plan may be executed in any number of counterparts, no one of which need contain all signatures of all Participants, and as many of such counterparts as shall together contain all such signatures shall constitute one and the same instrument.

IN WITNESS THEREOF, this Plan has been executed as of the __ day of ____ 2001 by each of the parties hereto.

American Stock Exchange LLC National Association Of Securities Dealers, Inc.
By: By:
Date: Date:
Boston Stock Exchange, Inc. New York Stock Exchange, Inc.
By: By:
Date: Date:
Chicago Stock Exchange, Inc. Pacific Exchange, Inc.
By: By:
Date: Date:
Cincinnati Stock Exchange, Inc. Philadelphia Stock Exchange, Inc.
By: By:
Date: Date:


1 An entity that acts as a market maker in different trading venues (e.g., as specialist on an exchange and as an OTC market maker) would be considered as a separate market center under the Rule for each of those trading venues. Consequently, the entity should arrange for a Designated Participant for each market center/trading venue (e.g., an exchange for its specialist trading and an association for its OTC trading).

2 For each individual security, there are five order types that could each be broken down into four size buckets.

3 A market center can maintain its own Internet site at which its files can be downloaded or arrange for another person to maintain the Internet site at which the market center's files can be downloaded (as well as potentially the files of other market centers).

4 See note 1 above for treatment of an entity that acts as a market maker in more than one trading venue and therefore would arrange for a Designated Participant for each market center/trading venue under the Rule.


ATTACHMENT B

Attachment B - ยง 240.11Ac1-5: Disclosure of Order Execution Information

§ 240.11Ac1-5 Disclosure of order execution information.

Preliminary Note

§240.11Ac1-5 requires market centers to make available standardized, monthly reports of statistical information concerning their order executions. This information is presented in accordance with uniform standards that are based on broad assumptions about order execution and routing practices. The information will provide a starting point to promote visibility and competition on the part of market centers and broker-dealers, particularly on the factors of execution price and speed. The disclosures required by this Section do not encompass all of the factors that may be important to investors in evaluating the order routing services of a broker-dealer. In addition, any particular market center's statistics will encompass varying types of orders routed by different broker-dealers on behalf of customers with a wide range of objectives. Accordingly, the statistical information required by this Section alone does not create a reliable basis to address whether any particular broker-dealer failed to obtain the most favorable terms reasonably available under the circumstances for customer orders.

(a) Definitions. For the purposes of this section:
(1) The term alternative trading system shall have the meaning provided in §242.300(c) of this chapter.
(2) The term average effective spread shall mean the share-weighted average of effective spreads for order executions calculated, for buy orders, as double the amount of difference between the execution price and the midpoint of the consolidated best bid and offer at the time of order receipt and, for sell orders, as double the amount of difference between the midpoint of the consolidated best bid and offer at the time of order receipt and the execution price.
(3) The term average realized spread shall mean the share-weighted average of realized spreads for order executions calculated, for buy orders, as double the amount of difference between the execution price and the midpoint of the consolidated best bid and offer five minutes after the time of order execution and, for sell orders, as double the amount of difference between the midpoint of the consolidated best bid and offer five minutes after the time of order execution and the execution price; provided, however, that the midpoint of the final consolidated best bid and offer disseminated for regular trading hours shall be used to calculate a realized spread if it is disseminated less than five minutes after the time of order execution.
(4) The term categorized by order size shall mean dividing orders into separate categories for sizes from 100 to 499 shares, from 500 to 1999 shares, from 2000 to 4999 shares, and 5000 or greater shares.
(5) The term categorized by order type shall mean dividing orders into separate categories for market orders, marketable limit orders, inside-the-quote limit orders, at-the-quote limit orders, and near-the-quote limit orders.
(6) The term categorized by security shall mean dividing orders into separate categories for each national market system security that is included in a report.
(7) The term consolidated best bid and offer shall mean the highest firm bid and the lowest firm offer for a security that is calculated and disseminated on a current and continuous basis pursuant to an effective national market system plan.
(8) The term covered order shall mean any market order or any limit order (including immediate-or-cancel orders) received by a market center during regular trading hours at a time when a consolidated best bid and offer is being disseminated, and, if executed, is executed during regular trading hours, but shall exclude any order for which the customer requests special handling for execution, including, but not limited to, orders to be executed at a market opening price or a market closing price, orders submitted with stop prices, orders to be executed only at their full size, orders to be executed on a particular type of tick or bid, orders submitted on a "not held" basis, orders for other than regular settlement, and orders to be executed at prices unrelated to the market price of the security at the time of execution.
(9) The term exchange market maker shall mean any member of a national securities exchange that is registered as a specialist or market maker pursuant to the rules of such exchange.
(10) The term executed at the quote shall mean, for buy orders, execution at a price equal to the consolidated best offer at the time of order receipt and, for sell orders, execution at a price equal to the consolidated best bid at the time of order receipt.
(11) The term executed outside the quote shall mean, for buy orders, execution at a price higher than the consolidated best offer at the time of order receipt and, for sell orders, execution at a price lower than the consolidated best bid at the time of order receipt.
(12) The term executed with price improvement shall mean, for buy orders, execution at a price lower than the consolidated best offer at the time of order receipt and, for sell orders, execution at a price higher than the consolidated best bid at the time of order receipt.
(13) The terms inside-the-quote limit order, at-the-quote limit order, and near-the-quote limit order shall mean non-marketable buy orders with limit prices that are, respectively, higher than, equal to, and lower by $0.10 or less than the consolidated best bid at the time of order receipt, and non-marketable sell orders with limit prices that are, respectively, lower than, equal to, and higher by $0.10 or less than the consolidated best offer at the time of order receipt.
(14) The term market center shall mean any exchange market maker, OTC market maker, alternative trading system, national securities exchange, or national securities association.
(15) The term marketable limit order shall mean any buy order with a limit price equal to or greater than the consolidated best offer at the time of order receipt, and any sell order with a limit price equal to or less than the consolidated best bid at the time of order receipt.
(16) The term effective national market system plan shall have the meaning provided in §240.11Aa3-2(a)(2).
(17) The term national market system security shall have the meaning provided in §240.11Aa2-1.
(18) The term OTC market maker shall mean any dealer that holds itself out as being willing to buy from and sell to its customers, or others, in the United States, a national market system security for its own account on a regular or continuous basis otherwise than on a national securities exchange in amounts of less than block size.
(19) The term regular trading hours shall mean the time between 9:30 a.m. and 4:00 p.m. Eastern Time, or such other time as is set forth in the procedures established pursuant to paragraph (c)(2) of this section.
(20) The term time of order execution shall mean the time (to the second) that an order was executed at any venue.
(21) The term time of order receipt shall mean the time (to the second) that an order was received by a market center for execution.
(b) Monthly electronic reports by market centers.
(1) Every market center shall make available for each calendar month, in accordance with the procedures established pursuant to paragraph (b)(2) of this section, a report on the covered orders in national market system securities that it received for execution from any person. Such report shall be in electronic form; shall be categorized by security, order type, and order size; and shall include the following columns of information:
(i) For market orders, marketable limit orders, inside-the-quote limit orders, at-the-quote limit orders, and near-the-quote limit orders:
(A) The number of covered orders;
(B) The cumulative number of shares of covered orders;
(C) The cumulative number of shares of covered orders cancelled prior to execution;
(D) The cumulative number of shares of covered orders executed at the receiving market center;
(E) The cumulative number of shares of covered orders executed at any other venue;
(F) The cumulative number of shares of covered orders executed from 0 to 9 seconds after the time of order receipt;
(G) The cumulative number of shares of covered orders executed from 10 to 29 seconds after the time of order receipt;
(H) The cumulative number of shares of covered orders executed from 30 seconds to 59 seconds after the time of order receipt;
(I) The cumulative number of shares of covered orders executed from 60 seconds to 299 seconds after the time of order receipt;
(J) The cumulative number of shares of covered orders executed from 5 minutes to 30 minutes after the time of order receipt; and
(K) The average realized spread for executions of covered orders; and
(ii) For market orders and marketable limit orders:
(A) The average effective spread for executions of covered orders;
(B) The cumulative number of shares of covered orders executed with price improvement;
(C) For shares executed with price improvement, the share-weighted average amount per share that prices were improved;
(D) For shares executed with price improvement, the share-weighted average period from the time of order receipt to the time of order execution;
(E) The cumulative number of shares of covered orders executed at the quote;
(F) For shares executed at the quote, the share-weighted average period from the time of order receipt to the time of order execution;
(G) The cumulative number of shares of covered orders executed outside the quote;
(H) For shares executed outside the quote, the share-weighted average amount per share that prices were outside the quote; and
(I) For shares executed outside the quote, the share-weighted average period from the time of order receipt to the time of order execution.
(2) Every national securities exchange on which national market system securities are traded and national securities association shall act jointly in establishing procedures for market centers to follow in making available to the public the reports required by paragraph (b)(1) of this section in a uniform, readily accessible, and usable electronic form. In the event there is no effective national market system plan establishing such procedures, market centers shall prepare their reports in a consistent, usable, and machine-readable electronic format, and make such reports available for downloading from an Internet web site that is free and readily accessible to the public.
(3) A market center shall make available the report required by paragraph (b)(1) of this section within one month after the end of the month addressed in the report.
(c) Exemptions. The Commission may, by order upon application, conditionally or unconditionally exempt any person, security, or transaction, or any class or classes of persons, securities, or transactions, from any provision or provisions of this section, if the Commission determines that such exemption is necessary or appropriate in the public interest, and is consistent with the protection of investors.

Attachment C

Attachment C - First 1000 Nasdaq Stocks for Phase 1

The First 1000 Nasdaq Stocks for Phase 1 of Exchange Act Rule 11Ac1-5 Implementation

1 CSCO Cisco Systems, Inc.
2 INTC Intel Corporation
3 MSFT Microsoft Corporation
4 WCOM WorldCom, Inc.
5 ORCL Oracle Corporation
6 SUNW Sun Microsystems, Inc.
7 DELL Dell Computer Corporation
8 JDSU JDS Uniphase Corporation
9 AMAT Applied Materials, Inc.
10 ERICY LM Ericsson Telephone Company
11 QCOM QUALCOMM Incorporated
12 CIEN CIENA Corporation
13 YHOO Yahoo! Inc.
14 AMCC Applied Micro Circuits Corporation
15 JNPR Juniper Networks, Inc.
16 PALM Palm, Inc.
17 BVSN BroadVision, Inc.
18 ADCT ADC Telecommunications, Inc.
19 ARBA Ariba, Inc.
20 ALTR Altera Corporation
21 AAPL Apple Computer, Inc.
22 EXDS Exodus Communications, Inc.
23 XLNX Xilinx, Inc.
24 COVD Covad Communications Group, Inc.
25 SEBL Siebel Systems, Inc.
26 NXTL Nextel Communications, Inc.
27 NTAP Network Appliance, Inc.
28 BRCM Broadcom Corporation
29 BEAS BEA Systems, Inc.
30 CMGI CMGI, Inc.
31 CMRC Commerce One, Inc.
32 PMCS PMC - Sierra, Inc.
33 VRTS VERITAS Software Corporation
34 AMZN Amazon.com, Inc.
35 ATML Atmel Corporation
36 SCMR Sycamore Networks, Inc.
37 PSIX PSINet Inc.
38 CMCSK Comcast Corporation
39 INSP InfoSpace, Inc.
40 SPLS Staples, Inc.
41 FLEX Flextronics International Ltd.
42 AMGN Amgen Inc.
43 COMS 3Com Corporation
44 ITWO i2 Technologies, Inc.
45 RFMD RF Micro Devices, Inc.
46 VTSS Vitesse Semiconductor Corporation
47 INKT Inktomi Corporation
48 EXTR Extreme Networks, Inc.
49 SDLI SDL, Inc.
50 MFNX Metromedia Fiber Network, Inc.
51 VRSN VeriSign, Inc.
52 IMNX Immunex Corporation
53 COST Costco Wholesale Corporation
54 KLAC KLA-Tencor Corporation
55 TRLY Terra Networks, S.A.
56 MRCH marchFIRST
57 PSFT PeopleSoft, Inc.
58 CNXT Conexant Systems, Inc.
59 DCLK DoubleClick Inc.
60 RBAK Redback Networks Inc.
61 ICGE Internet Capital Group, Inc.
62 BRCD Brocade Communications Systems, Inc.
6 3NVLS Novellus Systems, Inc.
64 ETYS eToys Inc.
65 IDTI Integrated Device Technology, Inc.
66 ATHM At Home Corporation
67 XOXO XO Communications, Inc.
68 TLAB Tellabs, Inc.
69 MCLD McLeodUSA Incorporated
70 SSTI Silicon Storage Technology, Inc.
71 VIGN Vignette Corporation
72 EBAY eBay Inc.
73 LVLT Level 3 Communications, Inc.
74 FDRY Foundry Networks, Inc.
75 CTXS Citrix Systems, Inc.
76 SANM Sanmina Corporation
77 HLTH WebMD Corporation
78 RNWK RealNetworks, Inc.
79 GMST Gemstar-TV Guide International Inc
80 QLGC QLogic Corporation
81 LLTC Linear Technology Corporation
82 EGRP E*TRADE Group, Inc.
83 PCLN priceline.com Incorporated
84 LRCX Lam Research Corporation
85 PPRO PurchasePro.com, Inc.
86 CHTR Charter Communications, Inc.
87 OPWV Openwave Systems Inc
88 NETA Network Associates, Inc.
89 MXIM Maxim Integrated Products, Inc.
90 RATL Rational Software Corporation
91 PRSF Portal Software, Inc.
92 PMTC Parametric Technology Corporation
93 NOVL Novell, Inc.
94 CHKP Check Point Software Technologies Ltd.
95 MLNM Millennium Pharmaceuticals, Inc.
96 RDRT Read-Rite Corporation
97 RMBS Rambus, Inc.
98 EMLX Emulex Corporation
99 INTU Intuit Inc.
100 MEDI MedImmune, Inc.
101 VERT VerticalNet, Inc.
102 ADBE Adobe Systems Incorporated
103 WBVN Webvan Group, Inc.
104 GSPN GlobeSpan, Inc.
105 BBBY Bed Bath & Beyond Inc.
106 TQNT TriQuint Semiconductor, Inc.
107 DISH EchoStar Communications Corporation
108 MRVC MRV Communications, Inc.
109 BMCS BMC Software, Inc.
110 CPWR Compuware Corporation
111 RIMM Research in Motion Limited
112 AKAM Akamai Technologies, Inc.
113 CORV Corvis Corporation
114 GSTRF Globalstar Telecommunications, Limited
115 TXCC TranSwitch Corporation
116 CMTN Copper Mountain Networks, Inc.
117 CMVT Comverse Technology, Inc.
118 HGSI Human Genome Sciences, Inc.
119 APCC American Power Conversion Corporation
120 ICIX Intermedia Communications Inc.
121 PAYX Paychex, Inc.
122 TERN Terayon Communication Systems, Inc.
123 RHAT Red Hat, Inc.
124 IFMX Informix Corporation
125 PWER Power-One, Inc.
126 AFCI Advanced Fibre Communications
127 SONS Sonus Networks, Inc.
128 ISLD Digital Island, Inc.
129 NITE Knight Trading Group, Inc.
130 CNET CNET Networks, Inc.
131 FNSR Finisar Corporation
132 USAI USA Networks, Inc.
133 SNDK SanDisk Corporation
134 NEWP Newport Corporation
135 KANA Kana Communications, Inc.
136 HLIT Harmonic Inc.
137 MERQ Mercury Interactive Corporation
138 ARTG Art Technology Group, Inc.
139 EFNT Efficient Networks, Inc.
140 WCII WinStar Communications, Inc.
141 PRGN Peregrine Systems, Inc.
142 BGEN Biogen, Inc.
143 CHIR Chiron Corporation
144 SCNT Scient Corporation
145 GENU Genuity Inc.
146 CEFT Concord EFS, Inc.
147 RAZF Razorfish, Inc.
148 SAPE Sapient Corporation
149 VRTA Virata Corporation
150 SBUX Starbucks Corporation
151 TMTA Transmeta Corporation
152 ONIS ONI Systems Corp.
153 MXTR Maxtor Corporation
154 ASML ASM Lithography Holding N.V.
155 CRUS Cirrus Logic, Inc.
156 VITR Vitria Technology, Inc.
157 VSTR VoiceStream Wireless Corporation
158 AVNX Avanex Corporation
159 RTHM Rhythms NetConnections, Inc.
160 ADPT Adaptec, Inc.
161 CMOS Credence Systems Corporation
162 AETH Aether Systems, Inc.
163 USIX USinternetworking, Inc.
164 MCHP Microchip Technology Incorporated
165 NVDA NVIDIA Corporation
166 KOPN Kopin Corporation
167 VYTL Viatel, Inc.
168 CREE Cree, Inc.
169 DLTR Dollar Tree Stores, Inc.
170 NUFO New Focus, Inc.
171 NEON New Era Networks, Inc.
172 FITB Fifth Third Bancorp
173 GENZ Genzyme General
174 HAND Handspring, Inc.
175 LSCC Lattice Semiconductor Corporation
176 ERTS Electronic Arts Inc.
177 TIBX TIBCO Software, Inc.
178 SSCC Smurfit-Stone Container Corporation
179 CFLO CacheFlow Inc.
180 ELNK EarthLink, Inc.
181 ALGX Allegiance Telecom, Inc.
182 INAP InterNAP Network Services Corporation
183 PWAV Powerwave Technologies, Inc.
184 LBRT Liberate Technologies
185 NTRO Netro Corporation
186 BIGT Pinnacle Holdings, Inc.
187 LGTO Legato Systems, Inc.
188 IDPH IDEC Pharmaceuticals Corporation
189 IWOV Interwoven, Inc.
190 AFFX Affymetrix, Inc.
191 SAWS Sawtek Inc.
192 MUSE Micromuse, Inc.
193 JNIC JNI Corporation
194 MCOM Metricom, Inc.
195 SVRN Sovereign Bancorp, Inc.
196 OPLK Oplink Communications, Inc.
197 AVCI Avici Systems Inc.
198 OXHP Oxford Health Plans, Inc.
199 NMSS Natural MicroSystems Corporation
200 LNUX VA Linux Systems, Inc.
201 QLTI QLT Inc.
202 BMET Biomet, Inc.
203 PDLI Protein Design Labs, Inc.
204 ARCH Arch Wireless, Inc.
205 CPTH Critical Path, Inc.
206 OCPI Optical Communication Products, Inc.
207 SYMC Symantec Corporation
208 FMKT FreeMarkets, Inc.
209 CELG Celgene Corporation
210 TSTN Turnstone Systems
211 SEPR Sepracor Inc.
212 CORR COR Therapeutics, Inc.
213 EPNY E.piphany, Inc.
214 ELNT Elantec Semiconductor, Inc.
215 ISIL Intersil Holding Corporation
216 ANTC ANTEC Corporation
217 STOR StorageNetworks, Inc.
218 XCED Worldwide Xceed Group Inc
219 CHINA chinadotcom corporation
220 UCOMA UnitedGlobalCom, Inc.
221 MPPP MP3.com, Inc.
222 SMTC Semtech Corporation
223 KLIC Kulicke and Soffa Industries, Inc.
224 WSTL Westell Technologies, Inc.
225 NUAN Nuance Communications, Inc.
226 MCDT McDATA Corporation
227 MANU Manugistics Group, Inc.
228 OAKT Oak Technology, Inc.
229 VRTX Vertex Pharmaceuticals Incorporated
230 KMAG Komag, Incorporated
231 QTRN Quintiles Transnational Corp.
232 AGCX Asia Global Crossing Ltd.
233 AHAA Alpha Industries, Inc.
234 EFII Electronics for Imaging, Inc.
235 LMNE Luminent, Inc.
236 AMTD AmeriTrade Holding Corporation
237 ABGX Abgenix, Inc.
238 FISV Fiserv, Inc.
239 CTAS Cintas Corporation
240 TEVA Teva Pharmaceutical Industries Limited
241 ACXM Acxiom Corporation
242 PHSY PacifiCare Health Systems, Inc.
243 MCRL Micrel, Incorporated
244 TSIX 360networks inc.
245 IVGN Invitrogen Corporation
246 ADLAC Adelphia Communications Corporation
247 MEDX Medarex, Inc.
248 MCLL Metrocall, Inc.
249 TUTS Tut Systems, Inc.
250 VSEA Varian Semiconductor Equipment Associates, Inc.
251 RRRR Rare Medium Group Inc.
252 ISSI Integrated Silicon Solution, Inc.
253 ADSX Applied Digital Solutions, Inc.
254 STLW Stratos Lightwave, Inc.
255 FFIV F5 Networks, Inc.
256 AUDC AudioCodes Ltd.
257 CCUR Concurrent Computer Corporation
258 BCHE Biochem Pharma Inc.
259 TGNT Teligent, Inc.
260 CORL Corel Corporation
261 MCTR Mercator Software Inc
262 CDWC CDW Computer Centers, Inc.
263 AEOS American Eagle Outfitters, Inc.
264 LTXX LTX Corporation
265 ENTU Entrust Technologies, Inc.
266 VIAN Viant Corporation
267 STXN DMC Stratex Networks Inc
268 INCY Incyte Genomics Inc.
269 APOL Apollo Group, Inc.
270 NIKU Niku Corporation
271 IMGN ImmunoGen, Inc.
272 EXAP Exchange Applications, Inc.
273 PLCM Polycom, Inc.
274 PUMA Puma Technology, Inc.
275 IPIX Internet Pictures Corporation
276 VNTR Ventro Corporation
277 REMC REMEC, Inc.
278 TWRS Crown Castle International Corp.
279 TMPW TMP Worldwide Inc.
280 MENT Mentor Graphics Corporation
281 NXTV Next Level Communications, Inc.
282 PLXS Plexus Corp.
283 DIGL Digital Lightwave, Inc.
284 SIVB Silicon Valley Bancshares
285 CLRN Clarent Corporation
286 COSN CoSine Communications, Inc.
287 GBIX Globix Corporation
288 XIRC Xircom, Inc.
289 CATP Cambridge Technology Partners, Inc.
290 AGIL Agile Software Corporation
291 MPWR Mpower Communications Corporation
292 SNPS Synopsys, Inc.
293 ADAP Adaptive Broadband Corporation
294 GRMN Garmin Ltd.
295 SITE SpectraSite Holdings, Inc.
296 GMGC General Magic, Inc.
297 GILD Gilead Sciences, Inc.
298 ENGA Engage, Inc.
299 AVCT Avocent Corporation
300 IFCI International FiberCom, Inc.
301 INFS InFocus Corporation
302 ITRU Intertrust Technologies Corporation
303 NTRS Northern Trust Corporation
304 HLYW Hollywood Entertainment Corporation
305 FLSH M-Systems Flash Disk Pioneers Ltd.
306 NTIQ NetIQ Corporation
307 ATSN Artesyn Technologies, Inc.
308 ASYT Asyst Technologies, Inc.
309 ADIC Advanced Digital Information Corporation
310 WEBM webMethods, Inc.
311 ACTM ACT Manufacturing, Inc.
312 BBSW Broadbase Software, Inc.
313 ADRX Andrx Group
314 BKNG Banknorth Group, Inc.
315 SIMG Silicon Image, Inc.
316 VECO Veeco Instruments Inc.
317 MSTR MicroStrategy Incorporated
318 XOMA XOMA Ltd.
319 NAVI NaviSite, Inc.
320 TECD Tech Data Corporation
321 RCNC RCN Corporation
322 MACR Macromedia, Inc.
323 SOTR SouthTrust Corporation
324 ALKS Alkermes, Inc.
325 PRTL Primus Telecommunications Group, Inc.
326 SVGI Silicon Valley Group, Inc.
327 MAXM Maxim Pharmaceuticals, Inc.
328 DITC Ditech Communications Corporation
329 AMKR Amkor Technology, Inc.
330 TFSM 24/7 Media, Inc.
331 BFRE Be Free, Inc.
332 ANSR answerthink inc.
333 PCOM P-COM, Inc.
334 NEOF Neoforma.com, Inc.
335 WAXS World Access, Inc.
336 ANAD ANADIGICS, Inc.
337 NBCI NBC Internet, Inc.
338 CRGN CuraGen Corporation
339 ROST Ross Stores, Inc.
340 JDEC J.D. Edwards & Company
341 TALK Talk.com, Inc.
342 HOMS HomeStore.com, Inc.
343 CYMI Cymer, Inc.
344 PSSI PSS World Medical Inc.
345 CPST Capstone Turbine Corporation
346 SCRI SICOR, Inc.
347 GLBL Global Industries, Ltd.
348 ASKJ Ask Jeeves, Inc.
349 AEIS Advanced Energy Industries, Inc.
350 CEPH Cephalon, Inc.
351 BLUE Blue Martini Software, Inc.
352 GEMS Glenayre Technologies, Inc.
353 PSUN Pacific Sunwear of California, Inc.
354 BKHM Bookham Technology plc
355 CNCT Connetics Corporation
356 SAFC SAFECO Corporation
357 GNTX Gentex Corporation
358 MIKE Michaels Stores, Inc.
359 MNMD MiniMed Inc.
360 TMWD Tumbleweed Communications Corp.
361 CUBE C-Cube Microsystems Inc.
362 IMCL ImClone Systems Incorporated
363 CBRL CBRL Group Inc.
364 SBLU SONICblue Incorporated
365 CKFR CheckFree Corporation
366 LNCR Lincare Holdings Inc.
367 SNRS Sunrise Technologies International Inc.
368 ARXX Aeroflex Incorporated
369 DTPI DiamondCluster International Inc CL A
370 ACRU Accrue Software, Inc.
371 MOLX Molex Incorporated
372 ACTU Actuate Corporation
373 ESPI e.spire Communications, Inc.
374 NZRO NetZero, Inc.
375 WIND Wind River Systems, Inc.
376 PXCM Proxicom, Inc.
377 SIAL Sigma-Aldrich Corporation
378 CLRS Clarus Corporation
379 SONE S1 Corporation
380 ENZN Enzon, Inc.
381 CHRT Chartered Semiconductor Manufacturing Ltd.
382 NCBC National Commerce Bancorporation
383 STMP Stamps.com Inc.
384 NENG Network Engines, Inc
385 SNWL SonicWALL, Inc.
386 MAIL Mail.com, Inc.
387 JAWZ JAWZ, Inc.
388 ANDW Andrew Corporation
389 STEI Stewart Enterprises, Inc.
390 INHL Inhale Therapeutic Systems, Inc.
391 HYSL Hyperion Solutions Corporation
392 NSIT Insight Enterprises, Inc.
393 MUEI Micron Electronics, Inc.
394 ABIZ Adelphia Business Solutions, Inc.
395 FILE FileNet Corporation
396 CCRT CompuCredit Corporation
397 CYTC CYTYC Corporation
398 DIGX Digex, Inc.
399 HBAN Huntington Bancshares Incorporated
400 QHGI Quorum Health Group, Inc.
401 EXAR Exar Corporation
402 TRIH Triad Hospitals, Inc.
403 ASFC Astoria Financial Corporation
404 RECN Resources Connection, Inc.
405 IATV ACTV Inc.
406 GYMB Gymboree Corporation (The)
407 CITC Citadel Communications Corporation
408 ELON Echelon Corporation
409 SHPGY Shire Pharmaceuticals Group, plc
410 CYTO Cytogen Corporation
411 PETM PETsMART, Inc.
412 CMNT Computer Network Technology Corporation
413 EPIC Epicor Software Corporation
414 FCEL FuelCell Energy, Inc.
415 PKTR Packeteer, Inc.
416 IBAS iBasis, Inc.
417 MYPT MyPoints.com, Inc.
418 THDO 3DO Company (The)
419 SYBS Sybase, Inc.
420 CCBL C-COR.net Corporation
421 PGTV Pegasus Communications Corporation
422 NTPA Netopia, Inc.
423 ARCC Allied Riser Communications Corporation
424 OMKT Open Market, Inc.
425 ARTT Advanced Radio Telecom Corp.
426 IMAX Imax Corporation
427 SCIO Scios, Inc.
428 CAMP California Amplifier, Inc.
429 ESRX Express Scripts, Inc.
430 ADSK Autodesk, Inc.
431 DRTE Dendrite International, Inc.
432 VRTY Verity, Inc.
433 WWCA Western Wireless Corporation
434 INRG Inrange Technologies Corporation
435 TROW T. Rowe Price Group, Inc.
436 DCTM Documentum, Inc.
437 CTIC Cell Therapeutics, Inc.
438 DROOY Durban Roodeport Deep, Ltd.
439 MVSN Macrovision Corporation
440 BSYS BISYS Group, Inc. (The)
441 WAVX Wave Systems Corp.
442 NWAC Northwest Airlines Corporation
443 RGBK Regions Financial Corporation
444 PRCS PRAECIS PHARMACEUTICALS INCORPORATED
445 RETK Retek Inc.
446 ACLS Axcelis Technologies, Inc.
447 PTNR Partner Communications Company Ltd.
448 QSFT Quest Software, Inc.
449 GOAM GoAmerica, Inc.
450 AMES Ames Department Stores, Inc.
451 IDCC InterDigital Communications Corp.
452 VLNC Valence Technology, Inc.
453 EMMS Emmis Communications Corporation
454 IBEM iBEAM Broadcasting Corporation
455 MERX Merix Corporation
456 ERTH EarthShell Corporation
457 BWAY Breakaway Solutions, Inc.
458 BOUT About.com, Inc.
459 CERN Cerner Corporation
460 MYGN Myriad Genetics, Inc.
461 LPTH LightPath Technologies, Inc.
462 IIXL iXL Enterprises, Inc.
463 SIRI Sirius Satellite Radio Inc.
464 ISSX Internet Security Systems Inc
465 CSGS CSG Systems International, Inc.
466 BYND Beyond.com Corporation
467 PRIA PRI Automation, Inc.
468 ROIAK Radio One, Inc.
469 MEOH Methanex Corporation
470 TLGD Tollgrade Communications, Inc.
471 SATH Shop at Home, Inc.
472 CRDS Crossroads Systems, Inc.
473 BOBJ Business Objects S.A.
474 ASCX Advanced Switching Communications, Inc.
475 DSLN DSL.net, Inc.
476 TKLC Tekelec
477 STRM StarMedia Network, Inc.
478 STRX STAR Telecommunications, Inc.
479 ASPT Aspect Communications Corporation
480 ZRAN Zoran Corporation
481 ACAP American Physicians Capital, Inc.
482 ZOMX Zomax Incorporated
483 ITCD ITC DeltaCom, Inc.
484 ALLR Allaire Corporation
485 OSIP OSI Pharmaceuticals Inc.
486 CELL Brightpoint, Inc.
487 ADVP Advance Paradigm, Inc.
488 XXIA Ixia
489 ZOOX Gadzoox Networks, Inc.
490 BVEW Bindview Development Corporation
491 NVTL Novatel Wireless, Inc.
492 XYBR Xybernaut Corporation
493 ECLP Eclipsys Corporation
494 ACTL Actel Corporation
495 PRHC Province Healthcare Company
496 PCLE Pinnacle Systems, Inc.
497 ELOT eLOT, Inc.
498 CVAS Corvas International, Inc.
499 GSLI GSI Lumonics Inc.
500 UPCOY United Pan-Europe Communications N.V.
501 WFMI Whole Foods Market, Inc.
502 ONNN ON Semiconductor Corporation
503 PSEM Pericom Semiconductor Corporation
504 PCAR PACCAR Inc
505 PTEN Patterson Energy, Inc.
506 BLDP Ballard Power Systems, Inc.
507 NXCD NextCard, Inc.
508 DSPG DSP Group, Inc.
509 ALSC Alliance Semiconductor Corporation
510 MSLV MetaSolv Inc
511 NTOP Net2Phone
512 HAIN The Hain Celestial Group, Inc.
513 SPOT PanAmSat Corporation
514 ENWV Endwave Corporation
515 TDFX 3Dfx Interactive, Inc.
516 NWKC Network Commerce Inc
517 COGN Cognos Incorporated
518 NBTY NBTY, Inc.
519 UTHR United Therapeutics Corporation
520 DSET DSET Corporation
521 LOOK LookSmart, Ltd.
522 DDIC DDi Corp.
523 SUPG SuperGen, Inc.
524 HYGS Hydrogenics Corporation
525 MTNT Motient Corporation
526 VNWK Visual Networks, Inc.
527 GETY Getty Images, Inc.
528 NETE Netegrity, Inc.
529 ZION Zions Bancorporation
530 KOOP drkoop.com, Inc.
531 PILT Pilot Network Services, Inc.
532 CHCS Chico's FAS, Inc.
533 ECIL ECI Telecom Ltd.
534 MONE MatrixOne, Inc.
535 HPOW H Power Corporation
536 EXLN eXcelon Corporation
537 OMNY OmniSky Corporation
538 LENS Concord Camera Corp.
539 TTEK Tetra Tech, Inc.
540 IMAT Imatron Inc.
541 METHA Methode Electronics, Inc.
542 GILTF Gilat Satellite Networks Ltd.


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