Subcommittee on Securities

Opening Statements of Committee Members


STATEMENT OF

U.S. Senator Connie Mack

Committee on Banking, Housing & Urban Affairs
United States Senate

Trading Places: Markets for Investors

10:00 a.m., Wednesday, March 22, 2000

Mr. Chairman, thank you for holding this important hearing. I appreciate your leadership in ensuring the Committee is properly informed about the technological revolution underway in the nation's financial markets.

And I appreciate your inviting Mr. John Schaible, of the ECN NexTrade, to testify today. NexTrade is based in Clearwater, Florida and I am pleased the Committee will have the benefit of his views.

It is important we hear today from these witnesses. They are the leaders in bringing the technological revolution to the country's financial marketplace. The arrival of ECN's just three years ago has already irrevocably altered the financial landscape, and it seems this is only the beginning.

The technology has the potential to make our markets more fair, efficient and transparent. All of these changes will benefit the investor and America's economy. As I mentioned at our hearings in New York, we should not predetermine outcomes or define the shape and scope of tomorrow's financial markets. We do have a duty, however, to be informed about these issues. This hearing will be helpful to us, and I appreciate your interest and leadership.

Thank you, Mr. Chairman.