Letters Released June 12-23:	Date:	Position:
Chicago Board Options Exchange	6/12/00	The Chicago Board Options Exchange supports a short-term objective allocation system lasting only through the end of this year, at which time a long-term solution should be implemented. SEC Alternative A presents an acceptable starting point for a short-term capacity allocation, but Alternative B would inappropriately force all options exchanges into an inequitable "one-size-fits-all' allocation formula.
Int'l. Securities Exchange	6/9/00	The ISE believes that, by focusing on the products that an exchange trades, Alternative A provides a much sounder basis for an allocation formula than does Alternative B. ISE feels that Alternative B inappropriately focuses on market share and fails to recognize that exchanges trading different products have differing quotation needs. Alternative B also entrenches exchanges with existing order flow and handicaps new exchanges seeking order flow.
Securities Industry Automation Corp.	6/9/00	SIAC, the OPRA processor, is confident that it can develop the capability to meet the high volumes forecasted. The SEC should be concerned instead with the entire market distribution chain and whether each exchange, data recipient and end user has the necessary capabilities.