RNS No 7898k
LONDON STOCK EXCHANGE
1st July 1997

For the attention of the
chairman/senior partner/compliance officer,
all member firms                                                N41/97

CONSULTATION ON PROPOSED RULE AMENDMENTS
GILT EDGED AND STERLING BOND MARKET
PROPOSED RULE CHANGES RESULTING FROM IMPLEMENTATION OF THE ENHANCED CENTRAL
GILT OFFICE ("CGO II")

1.      A number of consequential rule changes are required as a result of the
        implementation of CGO II by the Bank of England, which is due to take
        place on 26 August 1997.

2.      The resultant changes are attached to this Notice for consultation.
        The consultation period will end on 28 July 1997. A further Notice
        will be issued at the end of the consultation period.  The
        implementation date for the confirmed rules will occur on the first
        operational date for CGO II.

3.      Member firms should note that the interim arrangements set out in
        Notice N18/97, which have allowed member firms to submit  transaction
        reports for trades in gilt-edged securities to the TRAX and Sequal
        systems, will end with implementation of  CGO II. From that date
        member firms will be required to report  transactions in gilt-edged
        securities via CGO II or  CREST residual.

4.      Initially, there will be no requirement on member firms to include
        Unique Transaction Identifiers on reports of  transactions in
        gilt-edged securities that  are reported to CGO. Member firms should
        note that the Exchange may, in due course, introduce this requirement.
        In that event, a three month notice period will be given allowing
        member firms time to make any necessary system changes. Member firms
        may, however, enter Unique Transaction Identifiers on reports to CGO
        in the interim if they have the functionality in place.

D J  Sheridan
Head of Market Regulation

Any comments relating to this Notice should be addressed to Reg Dobson or
Dagmar Banton in Market Regulation, Stock Exchange, London EC2N 1HP.
Telephone  0171 797 3310  (STX 33310).

END
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