SEC to Conduct Roundtable on Limit Order Transparency

The Commission’s
Division of Market Regulation will conduct a roundtable on
May 4, 2000, to discuss limit order transparency.  The
roundtable will take place from 10:00 a.m. to 12:00 p.m. at
the SEC headquarters, 450 Fifth Street, NW, Washington, DC
in Room 1C30.  Chairman Levitt will deliver opening remarks,
and the discussion will be moderated by Annette Nazareth,
Director of the Division of Market Regulation.
Representatives of the following have been invited to
participate: retail, institutional, and wholesale firms; the
NYSE, Nasdaq, and ECNs; mutual fund companies and pension
plans; and market data vendors.  The event is open to the
public.  Limited seating will be available on a first come,
first served basis.

     Expected topics for discussion include
       
       *  the benefits, both to institutional and retail
          investors, of having open limit order books;
       
       *  methods of distributing limit order books, including
          whether formats should be standardized;
       
       *  technical challenges that might be encountered;
       
       *  the most effective means of encouraging broad
          participation in this initiative; and
       
       *  a timetable for additional meetings among industry
          participants to further develop these ideas and outline
          practical steps toward implementation.
          
     Chairman Levitt said, “In addition to being an
invaluable tool for investors, limit orders are the building
blocks of transparency in our market, and a proven stimulant
of price competition.  I am pleased that industry
participants have agreed to gather to discuss ways to
increase the visibility of limit orders.”