July 19, 2001

SECURITIES AND EXCHANGE COMMISSION
ADVISORY COMMITTEE ON MARKET INFORMATION

AGENDA FOR SIXTH MEETING
JULY 19, 2001
9:00 A.M. - 1:00 P.M.
SEC HEADQUARTERS
WASHINGTON, DC

I. Presentations on Options Market Issues (1 hour, 45 minutes)

A. Annette Nazareth: Differences in Regulatory Treatment of Stock and Options Market Data; Current SEC Issues (15 minutes)

B. Michael Meyer: OPRA Issues (30 minutes)

C. Michael Atkin: Vendor Issues (30 minutes)

D. Brian Faughnan (SIAC): Technological Issues (30 minutes)

Break (15 minutes)

II. Discussion (2 hours)

Should our recommendations for the options markets differ from our recommendations for the stock markets? If so, in what respects?

A. Transparency

Does the greater volume of options market data necessitate a different type of transparency than for market data of the underlying stocks (e.g., less transparency for less actively-traded options series; a "request-for-quote" system; strategies for "flickering" quotes)? How should capacity concerns be addressed, both at the consolidator and vendor levels?

B. Consolidated Information

Should the Display Rule be extended to the options markets? To what extent would mandatory dissemination of an NBBO mitigate capacity concerns? Should options market participants be permitted to distribute separately information beyond the mandatory minimum?

C. Single vs. Competing Consolidators

Does a majority of the Advisory Committee believe that the competing consolidators model should be introduced in the options markets? Would the volume of options data, and the related capacity issues, make entry by competing consolidators more difficult?

D. Improvements to Existing Model

What improvements would those recommending retention of the single consolidator model suggest for the options markets? Should they differ in any way from those recommended for the stock market?

E. Other Issues