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S24 a TM EXILED TO THE He envisions instant digital trades and merger of stock regulatory division Chairman Frank Zarb hasa vision of what the global stock market will be in a few years: digital, open 24 hours, letting people make trades instantly anywhere from their computers, cell phones, pagers and handheld or- would bebest servedif the industry could move to new hours in a coordinated way.” The New York Stock Exchange (NYSE) voted this month to extend trading hours, but not until the second half of next year. Before the NYSEexpands its hours, it wants first to ensure there are no glitches with the Year 2000 computer bug and the planned switch to reporting stock pricesin decimals instead offractions. Wednesday at the National The go-slow decision came a week after Nasdaq votedto begin extending its hours into the evening as soon as this fall. Press Club, Zarb the chairman of the National Association of Securities Dealers The U.S. Securities and Exchange Commission (SEC), which is expected to approve proposals Frank Zarb (NASD), which operates the electronic Nasdaq Stock Market — for extended trading hours, announced Wednesday it was convening a financial industry “‘sum- said officials are examining a number of structural shifts to al- mit” on the issue with Zarb’s securities dealers’ group and the NYSE. The June 30 meeting will the future press, an SEC spokeswomansaid low it to competein the market of Zarb said NASDis considering separating outits regulatory divi- sion and mergingit with the New York Stock Exchange's regulatory division for quality and fi- nancial reasons. Zarb also noted that Nasdaq was considering go- ing privatebyselling stock in it self to keyinvestmentfirms and be closed to the public and the The global expansion by the world’s second-largest stock mar- to help one another if they merged their regulatory opera- securities industry. This could lessen costs and increase depth of Zarb, looking a few years ahead, said “trading floors and paper, for the most part, will be rendered obsolete by competition and technology. This 21stcentury stock market will be computer screen-based, technol ogy-driven and opentoall — all becausepeople will have ac to information that they want to act on. People will be able to get in- stantstock quotes andtradesany. time dayor night, he said, using computers, cellphones their investments from their car radios and digital TVs at home, he ‘The two exchanges may be able I CAN'T LET MY OLD DEPARTMENT FORGET ME. THEY'RE MY ONLY (HOPE OF RETURNING IT AUST BE GREAK TIME TLL GET THe FrReE IN THE @A. HOSE. DEPARTMENT. sai RIBUNE Qwest Communications has raised its offer for US West The nation’s fourth-largest long-distance company on Wednesday said it nowis willing 10 pay $69 in stock for each share of the Denver-based US West whichprovides most Utahns with local telephoneservice Our boardof directors will be evaluating [the offer], US West spokesmanJeremyStorysaid Qwest madeasurprise US West on June 13, offering shares of its own stock worth a proximately $80 for each U West share. Its initial bid topped the previous offer for US West madeby Global Crossing Ltd., a Bermuda company that is build ing an underseafiber-optic net work. Global Crossing’s offer valued US Westshares at about $62 But Qwest shares have fallen sharplysince the initial offer was made, eliminating most of the premiumit waswilling to pay to top Global Crossing’s offer. US Weston Tuesdayrejected Qwest’s offer, saying it still favored merg ing with Global Crossing The $69 bid, which represents an 11 percent premium over Global Crossing's offer, is guaran teed if Qwest shares trade be tween $30.50 and $43.50 when thedeal finally goes through Qwest CEO Joseph Nacchio said in a conference call withre porters that the new offer ad dresses US West's concernsthat it will be protected fromdeclinesin Qwest’s share price Hesaid Qwest will use addition al cashif necessary to guarantee its latest offer Since announcing its interest in US West, Qwest shares havelost 25 percent of their value. The stock gave up another $2.75 on Wednesday to close at $32.56 Suman Ray, The Nasdaqchief's comments ~ Si Al Communications Workers of America, believes the continuing decline in Qwest’s share pricere. flects ongoing doubt about the value of the deal Website with Hong Kong's stock AH’S GRAND CHEROKEE HEADQUARTERS exchange that will allow U.S, in vestorsto trade in Hong Kongse “99 JEEP GRAND CHEROKEE curities. Nasdaqhassigned a sim- Lark, 26 E Package, Well Equapped ilar deal with the Australian Stock Exchange, and is looking into new alliances in Europe Zarb said extended trading hours soon will be a reality be- cause “People wantto beableto trade their personal stock portfo liosat atime convenient to them.” “Ideally, extended hours shouldn't be implemented piece. meal by [stock] exchanges or the new electronic communications networks that trade stocks,” Zarb urged in his speech. "Investors g LARRY H. MILLER 90th SOUTH & I-15 in Sandy! 566-2441 = Reha eae elsty i’ CHRYSLER é PLYMOUTH ¢ JEEP 106TH SOUTHANDL-I5 553-5900 3 47H 6 rat) od ere tare Papert tm $200 de tame arg § 1 nes er ye ON whofollows tele. communications mergers for the possiblylater to the public come at a time when the global financial markets are expanding in an unprecedented manner. Last week, Zarb announced plans to establish a trading exchange similar to Nasdaq's in Japan. Nasdaq alsohas set up a joint - regulation, as well as eliminate potential conflicts of interest between regulators and the stock markets” he said. the American Stock Exchange. Nasdaq also recently took over rEER IS DOOMED. } “A high-tech, independent single regulator, jointly owned by the markets, with advanced electronic surveillance could be better for investors, markets and the uses a traditional trading floor. with thelargest, the NYSE, which MY tions, Zarb said. and hand-held organizers, They'll even be able to get personalized reports on the performance of ket has sharpened its competition DEPARTMENT. www dilbert.com THE ASSOCIATED PRESS WASHINGTON — Nasdaq QUALITY ASSURANCE. ) re Syndicate DILBERT ‘acottadame@acicom Nasdaq Captain Predicts 24-Hour Market 2ay 2) |
