UNITED STATES OF AMERICA
                            Before the
                SECURITIES AND EXCHANGE COMMISSION



SECURITIES ACT OF 1933
Release No. 7276 / March 29, 1996

SECURITIES EXCHANGE ACT OF 1934
Release No. 37047 / March 29, 1996

ADMINISTRATIVE PROCEEDING
File No. 3-8579

-----------------------------------                              
                                  :
In the Matter of                  : ORDER EXTENDING TIME 
                                  : FOR INDEPENDENT 
                                  : CONSULTANT TO DELIVER
BT SECURITIES CORPORATION,        : REPORT
                                  : 
                                  : 
                    Respondent.   :                              
-----------------------------------



     On December 22, 1994, the Securities and Exchange Commission
("Commission"), instituted public administrative proceedings
against BT Securities Corporation ("BT Securities") and accepted
BT Securities' Offer of Settlement pursuant to the Order
Instituting Proceedings Pursuant to Section 8A of the Securities
Act of 1933 and Sections 15(b) and 21C of the Securities Exchange
Act of 1934, and Findings and Order Imposing Remedial Sanctions,
(Rel. Nos. 33-7124, 34-35136, 3-8579 (December 22, 1994)) (the
"Order").

     Pursuant to section VI.4.a of the Order, the Commission
ordered BT Securities to retain an independent consultant.  Under
Section VI.4.d of the Order, BT Securities must require the
independent consultant to deliver a report to BT Securities, the
boards of directors of BT Securities, Bankers Trust Company and
Bankers Trust New York Corporation, and the staff of the
Commission.  On April 11, and October 11, 1995, the Commission
extended the time for the independent consultant to deliver its
report until October 11, 1995 and March 30, 1996, respectively. 
(Rel. Nos. 33-7158, 34-35590 (April 11, 1995); 33-7235, 34-36358
(October 11, 1995)).

     The independent consultant has requested that the deadline
be extended until June 30, 1996.  The Commission deems it
appropriate and in the public interest to extend the deadline for
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the independent consultant to deliver a report until June 30,
1996.

     Accordingly, IT IS HEREBY ORDERED THAT BT Securities
Corporation shall require the independent consultant, pursuant to
Section VI.4.d of the Order, to deliver its report by June 30,
1996.

    By the Commission.



                                Jonathan G. Katz
                                Secretary