Sen. Phil Gramm, chairman of the Senate Committee on Banking, Housing and Urban Affairs, expressed appreciation today for the favorable response of the Securities and Exchange Commission to his request that the SEC extend the comment period on Nasdaq's Super Montage proposal. The extension was sought in a letter last week by Gramm and Rep. Tom Bliley, chairman of the House Commerce Committee.

In a letter today to Chairman Gramm, SEC Chairman Arthur Levitt expressed his willingness to set the comment period at 30 days, instead of the original 15 days.

In addition to the expanded comment period, SEC Chairman Arthur Levitt assured Gramm that the commission will act "as rapidly as possible" to approve the registration of electronic communications networks (ECNs) and Nasdaq as exchanges.

"I appreciate the SEC's responsiveness on these matters," Gramm said. "Chairman Levitt is to be commended for taking this extra step to ensure maximum opportunity for consultation and evaluation of these watershed proposals. The creation of the Super Montage will mean significant changes in securities markets, and we need as much feedback as possible before we take this important step. As Congressman Bliley and I told the SEC, we may not have a second chance to get it right.

"Just as important is the evolution of the new electronic markets," Gramm said. "I am pleased that Chairman Levitt has committed to moving quickly to allow the creation of new exchanges. In turn, I pledge that the Senate Banking Committee will continue to work with the SEC to ensure that changes like these are truly beneficial to the market place."