Opening Statements of Committee Members

Opening Statement of Senator Jim Bunning (R-KY)

Hearing on "The Changing Face of Capital Markets
and the Impact of ECN's"
10:00 a.m., Wednesday, October 27, 1999

Mr. Chairman, I would like to thank Secretary Leavitt and all of the witnesses who have come before the panel to testify today.

As we enter the next century the financial markets, like other markets must adjust. However, the safety and soundness of our markets, that makes them the envy of the world must not be compromised. Investors, both large and small, must be protected.

The Financial Modernization Act, which we will pass in the very near future, will help our financial markets adjust to the changing world-wide market place. ECNs are already helping our financial markets adjust to the worldwide market of the next century.

Electronic Communications Networks are becoming more and more popular. They have been touted as a way to foster efficiency, enhance competition, increase the information available to brokers, dealers and investors, facilitate the offsetting of investors' orders and contribute to the best execution of such orders.

I know that Chairman Levitt has made positive statements about ECNs and I look forward to hearing his comments on where he believes the markets are going.

I also look forward to hearing from the representatives of the ECNs and how they believe their industry will change the existing financial markets.

Thank you Mr. Chairman.