FOR IMMEDIATE RELEASE 2000-41 Mark J. Ready Named Chief Economist Washington, DC, March 31, 2000 - Securities and Exchange Commission Chairman Arthur Levitt today named Mark J. Ready as Chief Economist and Director of the Commission's Office of Economic Analysis. Dr. Ready, who will join the Commission in April, succeeds Erik Sirri. Chairman Levitt said, "I look forward to Mark joining the Commission in this important role. The Commission will benefit greatly from Mark's breadth of knowledge and depth of experience in the area of market microstructure. It is a vital time in our market's history and we are fortunate to have such an accomplished economist and scholar at the Commission. I am also extremely appreciative and thankful of the superb work of Acting Chief Economist William Atkinson, who has served with distinction." Dr. Ready said, "I am honored that Chairman Levitt has selected me for this position. I look forward to serving the Commission in my new capacity and hope to contribute significantly to the many complex and challenging issues facing the Commission." As Chief Economist, Dr. Ready will advise the Commission and its staff on the economic issues associated with the SEC's regulatory and policy activities. In addition, Dr. Ready will manage the Office of Economic Analysis, which analyzes the potential impacts and benefits of proposed regulations, conducts studies on specific rules, and engages in long-term research and policy planning. The Office also analyzes data on a wide range of market activities that may require attention by the SEC. Dr. Ready joined the School of Business (Department of Finance) at the University of Wisconsin-Madison in 1990 as an assistant professor, and was promoted to associate professor with tenure in 1997. He has also been an Aschenbrenner Faculty Scholar at the University of Wisconsin-Madison since 1998. In addition to his academic positions, Dr. Ready was chief financial officer at V.I.P. Structures Inc. from 1987 to 1988 and a financial analyst and supervisor at Ford Motor Co. from 1978 to 1985. Additionally, from 1998 until coming to the Commission, Dr. Ready served on the Nasdaq's Economic Advisory Board. Much of Dr. Ready's research has focused on market microstructure. His most recent publication, "The Specialist's Discretion: Stopped Orders and Price Improvement" appeared in the December 1999 issue of the Review of Financial Studies. Dr. Ready, 44, has a B.S. in operations research and an M.B.A., M.S., and Ph.D. in finance from Cornell University. # # #