Important Notice

A 4850 - November 3, 1998
P&S 4414

TO: ALL PARTICIPANTS

ATTENTION:  MANAGING PARTNER/OFFICER, P&S MANAGER, SYSTEMS MANAGER

SUBJECT: OPTIMARK TRANSACTIONS REPORTED ON REGIONAL TRADE ACTIVITY REPORTS


The Pacific Exchange has requested that National Securities Clearing Corporation (NSCC) identify trades executed on the Pacific Exchange through the facilities of OptiMark Technologies Inc. on NSCC=s Regional Trade Activity Reports (Machine Readable Output only).

The OptiMark transactions will be identified by an "M" under the description "System Trade Source" in field 78 in the original file format, detail record, Autoroute ID 0214125, and, in field 94 in the Y2K format, detail record, Autoroute ID 02142125.

FILE FORMATS: Both the current six-digit and the new eight-digit file formats are available on NSCC=s Year 2000 World-Wide Web-site at URL www.y2000.org/nscc. Contact your firm=s NSCC Year 2000 Coordinator to obtain a user ID and password to access the site (if you don=t have web access, contact NSCC Participant Services at 212-412-8432 for hardcopies).

Questions regarding these transactions may be directed to Michael Youngcourt at the Pacific Stock Exchange at (213)-977-4652. Questions regarding this notice may be directed to the undersigned at (212)-412-8657.

Wallace Bowling
Director, Operations