FOR IMMEDIATE RELEASE                                   2000-176

           SEC To Conduct Roundtable on Decimalization

     Washington, DC, 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, order 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.
                                
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