[12395]
July 26, 2000
TO: EQUITY MARKETS ADVISORY COMMITTEE No. 41-00
SEC RULES COMMITTEE No. 100-00
RE: SEC ESTABLISHES ADVISORY COMMITTEE ON MARKET INFORMATION
The Securities and Exchange Commission announced (press release attached) that it is
establishing a federal advisory committee to examine issues in connection with the public availability of
market information in the equities and options markets. The Advisory Committee will be chaired by Joel
Seligman, Dean of the Washington University School of Law in St. Louis. SEC Chairman Levitt stated
that he hoped the Advisory Committee will be able to issue a written report containing its
recommendations to the SEC by September 2001.
The Advisory Committee will further study the issues raised by the SEC in its December 1999
concept release on the regulation of market information fees and revenues.1 In particular, the Advisory
Committee is expected to examine, among other things: the value of transparency to the markets; the
effects of electronic quote generation and decimalization for market transparency; how market
information fees should be determined; and the appropriate governance structures for joint market
information plans.
Ari Burstein
Assistant Counsel
Attachment
Attachment (in .pdf format)
1 See Memorandum to Equity Markets Advisory Committee No. 1-00 and SEC Rules Committee No. 3-00, dated January 7,
2000.