[17801]
July 23, 2004
TO: EQUITY MARKETS ADVISORY COMMITTEE No. 33-04
RE: SENATE BANKING COMMITTEE HEARINGS ON REGULATION NMS
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held two days of
hearings on the structure of the U.S. securities markets, entitled “Regulation NMS and
Developments in the Equities Markets.” The hearings, which focused on the Securities and
Exchange Commission’s Regulation NMS’s proposed trade-through rule, featured as witnesses
a variety of industry representatives. Kevin Cronin, Senior Vice President and Director of
Equity Trading at AIM Investments and a member of the Institute’s Equity Markets Advisory
Committee, testified on behalf of AIM Investments and also expressed the views of the Institute
regarding Regulation NMS.
Witnesses also included: SEC Chairman William H. Donaldson; Robert Greifeld,
President and Chief Executive Officer, Nasdaq Stock Market, Inc.; Gerald Putnam, CEO,
Archipelago, LLC; John Thain, CEO, New York Stock Exchange; Scott DeSano, Senior Vice
President and Head of Equity Trading, Fidelity Investments; Bernard Madoff, Chairman and
CEO, Bernard L. Madoff Investment Securities; Robert McCooey, President and CEO, The
Griswold Company; and Robert Fagenson, Vice President, Van der Moolen Specialists.
Mr. Cronin’s written testimony is attached. The testimonies of the other witnesses are
available at the following two links:
http://banking.senate.gov/index.cfm?Fuseaction=Hearings.Detail&HearingID=125 and
http://banking.senate.gov/index.cfm?Fuseaction=Hearings.Detail&HearingID=126.
Jane G. Heinrichs
Assistant Counsel
Attachment (in .pdf format)