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U.S. Securities and Exchange Commission

SEC To Conduct Roundtable on Decimalization



Washington, D.C., November 20, 2000 – The Securities and Exchange Commission's Division of Market Regulation will conduct a roundtable on December 11, 2000 to discuss the on-going conversion process for decimal pricing in equity securities and options and its effects on market quality, operational capacity, and trading behavior.

The roundtable will take place from 2:00 p.m. to 5:00 p.m. at:

SEC Headquarters
450 Fifth Street, N.W.
Washington, DC
William O. Douglas Room
Chairman Arthur Levitt will deliver opening remarks and Annette L. Nazareth, Director of the Division of Market Regulation, will moderate the roundtable discussions. Participants will include representatives from the stock and options exchanges, the Nasdaq Stock Market, a variety of broker-dealers (including full service and on-line firms, as well as Electronic Communication Networks), other market participants, vendors, and academics.

Some of the topics to be discussed include the effects of decimalization on:

  • quote spreads and sizes,
  • overall liquidity,
  • price priority,
  • rder placement and trading strategies,
  • short sales, and
  • system-related issues.

The event is open to the public. Limited seating will be available on a first come, first serve basis.