|FOR IMMEDIATE RELEASE:||CONTACT: CHRISTI HARLAN|
|Monday, May 21, 2001||202-224-0894|
Sen. Michael Enzi, chairman of the Subcommittee on Securities and Investment, has announced a hearing at 10:00 a.m. Thursday, May 24, on the implementation and future of decimalized stock markets.
On January 28, 2000, the Securities and Exchange Commission ordered securities markets to prepare to begin quoting prices in decimals. On April 9, 2001, Nasdaq joined the New York Stock Exchange in listing securities prices and quotes in decimals.
"The U.S. markets are now in the decimalized world, along with all of the other securities markets around the globe," said Enzi. "Clearly, there are benefits to the U.S. markets pricing in decimals. Market participants, however, are still adjusting to some effects of the new pricing increments."
The hearing will focus on reviewing the current status of decimal implementation, including reports that the use of decimals has impacted the trading environment. The subcommittee will examine, among other issues, what impact the new rules have on the effectiveness of securities regulations.
Subcommittee on Securities and Investment
The Implementation and Future of Decimalized Markets
10:00 a.m. Thursday, May 24, 2001
Room 538, Dirksen Senate Building
The Honorable Laura S. Unger
Securities and Exchange Commission
Mr. J. Patrick Campbell
President Nasdaq U.S. Markets and Chief Operating Officer
Nasdaq Stock Market
Mr. Robert B. Fagenson
Van der Moolen Specialists USA, LLC
Mr. Peter Jenkins
Managing Director and Head Equity Trader
Zurich Scudder Investments
Mr. Don Kittell
Executive Vice President
Securities Industry Association
Mr. Michael T. Dorsey
Senior Vice President, General Counsel and Secretary
Knight Trading Group, Inc.
Ms. Catherine R. Kinney
Group Executive Vice President
New York Stock Exchange