The monetary conditions relevant to the level of activity in the first half of 1998 were those in 1996 and early 1997, not those in the second half of 1997.
The commissions also have the responsibility for defining those dealers and major participants, and they have consulted with the Board prior to issuing their proposed rules. The commissions have tried to identify objective criteria that would enable firms to monitor whether they fall within the scope of the definitions.