SECURITIES AND EXCHANGE COMMISSION

ADVISORY COMMITTEE ON MARKET INFORMATION

AGENDA FOR FIFTH MEETING

MAY 14, 2001

9:00 P.M. – 5:15 P.M.

SEC HEADQUARTERS

WASHINGTON, DC

MORNING

I. Report by Don Langevoort: General Description of Alternative Model

II Technology

A. Don Langevoort: What Technological Standards Need to Be Set?

B. Tom Demchak: SIAC Presentation

C. Mike Atkin: Summary of Vendor Survey

D. Discussion

III. Economic Model

A. Annette Nazareth: Summary of Display Rule and Best Execution Obligations

B. Don Langevoort: Summary of Potential Benefits and Costs

C. Simon Johnson: Economic Issues

D. Discussion

1. How a Multiple Consolidator Model Would Work with the Display Rule

2. Should the Display Rule Also Be Rescinded?

3. Would the SEC’s Role Need To Change? If So, How?

AFTERNOON

I. If the Display Rule Is Retained, How Should Information Not Subject to the Display Rule (i.e. Deeper Data) Be Treated?

1. What Should Be the SEC’s Standard for Reviewing Fees (If Any)?

2. Should Fee Filings Be Made with the SEC?

3. Should Market Makers and ECNs Be Permitted To Sell Their Data Directly to Vendors and Others?

II. Other Open Issues