[12883]
November 22, 2000
TO: EQUITY MARKETS ADVISORY COMMITTEE No. 59-00
RE: SEC TO CONDUCT ROUNDTABLE ON DECIMALIZATION
The Securities and Exchange Commission has announced that the SEC’s Division of
Market Regulation will hold a roundtable to discuss the conversion to decimal pricing in equity
securities and options and its effects on market quality, operational capacity, and trading
behavior. Specifically, topics to be discussed at the roundtable will include, among other
things, the effects of decimalization on quote spreads and sizes, overall liquidity, price priority,
and order placement and trading strategies.
The roundtable will take place on December 11, 2000 from 2:00 p.m. to 5:00 p.m. at the
SEC’s main offices, 450 Fifth Street, N.W., Washington, D.C. SEC Chairman Levitt will deliver
the opening remarks and Annette Nazareth, Director of the Division of Market Regulation, will
moderate the roundtable. Participants will include representatives from the stock and options
exchanges, the Nasdaq Stock Market, broker-dealers, ECNs, mutual funds, vendors, and
academics.
Ari Burstein
Associate Counsel
Attachment (in .pdf format)