Notice N33/00

London Stock Exchange
2 June 2000

     
For the attention of the
chairman/senior partner/compliance officer,
all member firms                                                    N33/00

STOCK EXCHANGE NOTICE

CONSULTATION ON EX DIVIDEND REGIME

DOMESTIC EQUITY MARKET

CHANGE TO THE EX DIVIDEND REGIME

1. With effect from Monday 5 February 2001, T+3 will be adopted as the
standard settlement period for trades in domestic equity and corporate fixed
interest securities.  This change requires an amendment to the regime for ex
dividend dates.

2. Currently, ex dividend dates are set on Mondays with the record date on the
following Friday.  As a result of the move to T+3, the gap between the ex
dividend date and the record date will shorten to two days.  After initial
consultation, including discussions with registrars, it is proposed that
record dates remain on Fridays with ex dividend dates falling on the preceding
Wednesday.

3. The Exchange will publish the timetable for ex dividend and record dates
for 2001 once the consultation process is complete.

4. Member firms are invited to comment on the proposed change by Friday 16
June 2000.


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/