Notice N47/00

London Stock Exchange
31 July 2000


For the attention of the
chairman/senior partner/compliance officer,
all member firms                                                N47/00

STOCK EXCHANGE NOTICE

SHARE PRICE MANIPULATION

1. Stock Exchange Notice N28/99, issued on 4 June 1999, provided guidance to
member firms on the application of Exchange rule 2.10 in relation to share
price manipulation.  Following the introduction of closing auctions to
securities traded on SETS on 30 May 2000, the Exchange has expanded the
existing guidance to incorporate activity during auctions.  The rule itself
remains unchanged.

2. The rule and the amended guidance are set out as an attachment to this
Notice.


Andrew McStravick
Head of Market Regulation

Any comments or queries on this Notice should be addressed to Regulatory
Development, telephone [phone] (STX 33663) or 
Email: [e-mail].

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