New York Futures Exchange receives approval to trade Futures and Futures Options on PSE Technology Index.

NEW YORK--(BUSINESS WIRE)--Feb. 29, 1996--The U.S. Commodity Futures Trading Commission (CFTC) has designated the New York Futures Exchange Inc. (NYFE) a contract market in futures and futures options on the Pacific Stock Exchange Technology Index(SM) (also referred to as the PSE Tech 100(SM)). NYFE expects trading on this widely followed stock index to begin in early spring of this year.

The PSE Tech 100, which has been calculated and disseminated daily since 1982, is considered by many investment professionals to be a benchmark index for its ability to consistently and accurately measure the performance of the technology sector of the U.S. equities market. The Index, which is broad-based and price-weighted, represents 100 listed and over-the-counter stocks from 15 different technology-based industries, including:

Biotechnology CAD/CAM Computer Software Products Data Communications Data Storage and Processing Equipment Electronic Equipment Information Processing Services Medical Technology Micro Computer Manufacturing Mini and Mainframe Computer Manufacturing Office Automation Equipment Manufacturing Semiconductor Capital Equipment Manufacturing Semiconductor Manufacturing Test, Analysis and Instrumentation Equipment Large Diversified Computer Manufacturing

The 100 stocks in the PSE Tech 100 have a combined market capitalization of over $600 billion and are listed or otherwise principally traded on the following exchanges:

Marketplace          No. Of Companies in Index      Percentage of Index,
                                                    as of Sept. 6, 1995

New York Stock Exchange        46                          51.1%
NASDAQ                         52                          48.1%
American Stock Exchange         2                          00.8%

    "We are very pleased by the CFTC's approval of our application
to trade futures and futures options on the PSE Tech 100," said
Norman Eisler, chairman of the New York Futures Exchange.  "By
virtue of its long fourteen-year history; its broad 100-stock,
fifteen-industry scope; and its demonstrated accuracy; the PSE Tech
100 is truly the best vehicle for measuring overall movements
within the technology equities market."

Pacific Stock Exchange's Options
    Options on the PSE Tech 100 were traded at the Pacific Stock
Exchange from 1982 to 1987; however, as a result of the recent surge
in technology stock trading, the Pacific Stock Exchange resumed
options trading on September 18, 1995.  Indeed, the popularity of
the PSE's options trading coupled with a rise in institutional
interest in the technology sector were the motivating factors in
the NYFE's decision to carry futures and futures options on the PSE
Tech 100.
    "Trading futures on the Index will not only allow investors to
hedge the inherent risk of technology stocks but also provide an
opportunity to capitalize on the technology market's broad trends,"
noted Scott Manolis, vice president -- Jeffries & Co. Inc.
    The New York Futures Exchange is a wholly-owned subsidiary of
the New York Cotton Exchange (NYCE(R)), the oldest futures exchange
in New York.  NYCE(R) offers futures and options trading in cotton,
orange juice, U.S. Dollar Index(R), EMDX(SM), Currency and U.S.
Treasury Note Instruments, KR-CRB(R) and NYSE Composite Index(R)
Contracts, making NYCE(R) one of the few international exchanges to
so broadly diversify its product line.
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PSE Technology Index(SM) and the PSE Tech 100(SM) are service marks
of the Pacific Stock Exchange Incorporated.

KR-CRB Index(R) is a registered service mark of Knight-Ridder
Financial Inc.

U.S. Dollar Index(R) is a registered trademark of the New York
Cotton Exchange.

EMDX(SM) is a service mark of the New York Cotton Exchange and of
Eurobrokers Investment Corporation.

NYSE Composite Index(R) is a registered trademark of the New York
Stock Exchange Inc., which is not a market for futures or futures
options, and is not affiliated with NYFE.

NYCE(R) is a registered trademark of the New York Cotton Exchange.

CONTACT: New York Futures Exchange

Richard T. Pombonyo, 212/742-5061

or

Pacific Stock Exchange

Dale A. Corison, 415/393-4198

or

Citigate Communications

Thomas J. Reno, 212/508-3496