Notice N24/00

London Stock Exchange
26 April 2000


For the attention of the
chairman/senior partner/compliance officer,
all member firms                                                      N24/00

STOCK EXCHANGE NOTICE

TRADING SYSTEM ENHANCEMENTS - RELEASE 3.1
TIMING OF CLOSING AUCTION

1. Stock Exchange Notice N02/00, issued on 11 January 2000, set out the rules
and guidance relating to the implementation of release 3.1 of the programme of
changes to the Exchange's trading system.

2. As a result of further feedback from the market, the Exchange has reviewed
and modified the timing of the closing auction call period as detailed below.

Closing Auction 

3. Under the existing proposal, order book trading would cease at 16:25 and a
five minute closing auction call period would then begin.  The auction match
would commence at 16:30, subject to the random close time.

4. However, to ensure that the end of continuous trading is consistent across
all domestic markets, the closing call period will instead commence at 16:30. 
The auction match will commence at 16:35, subject to the random close time.

5. The necessary amendments to the regulatory guidance are attached to this
Notice.  The effective date for release 3.1 is not affected by this change and
remains as 30 May 2000, as stated in Stock Exchange Notice N16/00


Andrew McStravick
Head of Market Regulation

Any comments or queries on this Notice should be addressed to Regulatory
Development, telephone [phone] (STX 31615) or 
Email: [e-mail].

This Stock Exchange Notice will be available on the website at
www.londonstockexchange.com/techlib/notices/