FISD
Appointed to SEC Market Data Advisory Committee
September
29, 2000
The
Securities and Exchange Commission is creating a federal advisory committee to
help evaluate issues relating to the public availability of market information
in the equities and options markets. The advisory committee is a result of industry
responses to the SEC Concept Release on the Regulation of Market Information Fees
and Revenues [Release No. 34-42208; File No. S7-28-99]. Michael Atkin and FISD
have been invited to participate on the committee.
According
to the invitation letter, the Committee will have a broad mandate to explore both
fundamental matters, such as the benefits of price transparency and consolidated
market information, and practical issues such as the most effective methods of
consolidating market data. The committee will be chaired by Joel Seligman, Dean
of the Washington University School of Law in St. Louis. Specific areas of focus
are expected to be:
-
The value of transparency to the markets;
-
The ramifications of electronic quote generation and decimalization for market
transparency;
-
The merits of providing consolidated market information to intermediaries and
customers;
-
Alternative models for disseminating and consolidating information from multiple
markets;
- How
market information fees should be determined, including the role of public disclosure
of market information costs, fees, revenues and other matters, and how the fairness
and reasonableness of fees should be evaluated; and
-
Appropriate governance structures for joint market information plans as well as
issues relating to plan administration and oversight.
The
Advisory Committee members will consist of a broad cross section of the financial
industry. In addition to Atkin, the other invitees include:
Mr.
Harold S. Bradley
Senior Vice President, Investment Management
American
Century
Mr.
Robert G. Britz
Group Executive Vice President
New York Stock Exchange
Mr.
Andrew M. Brooks
Vice President, Head of Equity Trading
T. Rowe Price
Mr.
Matthew DeSalve
Managing Director
Morgan Stanley Dean Witter
Ms.
Carrie E. Dwyer
General Counsel and Executive Vice President
Charles Schwab
Mr.
Robert H. Forney
President and CEO
Chicago Stock Exchange
Mr.
Thomas H. Glocer
CEO
Reuters America
Mr.
Joel Greenberg
Managing Director
Susquehanna Partners
Mr.
William R. Harts
Managing Director
Salomon Smith Barney
Mr.
David A. Hunt
Partner
McKinsey & Co.
Mr.
George K. Jennison
Senior Managing Director, Retail Equity Group
First Union
Securities
Prof.
Simon Johnson
Sloan School of Management
Massachusetts Institute of Technology
Mr.
Edward J. Joyce
President and Chief Operating Officer
Chicago Board of Options
Exchange
Mr.
Thomas M. Joyce
Managing Director, Head of Equity Market Structures
Merrill
Lynch
Mr.
Richard Ketchum
President and Chief Operating Officer
National Association
of Securities Dealers
Prof.
Donald C. Langevoort
Georgetown University Law Center
Mr.
Bernard L. Madoff
Bernard L. Madoff Investment Securities
Mr.
Mark A. Minister
President and CEO
Bridge Trading
Mr.
Edward Nicoll
Chairman and CEO
Datek Online Holdings
Mr.
Kenneth D. Pasternak
Knight/Trimark Group
Mr.
Gerald D. Putnam
CEO
Archipelago
Mr.
Eric D. Roiter
Senior Vice President and General Counsel
Fidelity Management
and Research Co.
Mr.
Joseph B. Stefanelli
Executive Vice President, Derivative Securities
American
Stock Exchange
The
initial meeting has been scheduled for Tuesday, October 10 in the William O. Douglas
room at the Commission's main offices, 450 Fifth St., NW, Washington DC at 1:00
PM. This meeting is open to the public. As we have done throughout the development
of the FISD's comment to the Concept Release, we are there to represent the interests
of FISD members. We intend on keeping everyone informed of what's being discussed
throughout the process. We are honored by the appointment and view it as recognition
of our position as a neutral business forum for the global market data industry.
Please
contact Mike Atkin at matkin@siia.net
with any questions or comments.
