[Federal Register Volume 65, Number 188 (Wednesday, September 27, 2000)]
[Notices]
[Page 58135]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-24798]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-43313; File No. 265-22]


Advisory Committee on Market Information; Establishment; Meeting

AGENCY: Securities and Exchange Commission.

ACTION: Notice.

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SUMMARY: The Chairman of the Securities and Exchange Commission 
(``Commission''), with the concurrence of the other members of the 
Commission, intends to establish the Securities and Exchange Commission 
Advisory Committee on Market Information (``Committee''), which will 
advise the Commission regarding issues relating to the public 
availability of market information in the equities and options markets. 
The first meeting of the Committee will be held on October 10, 2000, in 
the William O. Douglas Room, at the Commission's main offices, 450 
Fifth Street, N.W., Washington, D.C., beginning at 1 p.m. The meeting 
will be open to the public, and the public is invited to submit written 
comments to the Committee.

ADDRESSES: Written comments should be submitted in triplicate and 
should refer to File No. 265-22. Comments should be submitted to 
Jonathan G. Katz, Secretary, Securities and Exchange Commissions, 450 
Fifth Street, N.W., Washington, D.C. 20549-0609.

FOR FURTHER INFORMATION CONTACT: Anitra Cassas, Attorney, Division of 
Market Regulation, at 202-942-0089; Securities and Exchange Commission, 
450 Fifth Street, NW., Washington, DC 20549-1001.

SUPPLEMENTARY INFORMATION: In accordance with the requirements of the 
Federal Advisory Committee Act, 5 U.S.C. App., the Securities and 
Exchange Commission has directed publication of this notice that 
Chairman Arthur Levitt, with the concurrence of the other members of 
the Commission, intends to establish the ``Securities and Exchange 
Commission Advisory Committee on Market Information.'' Chairman Levitt 
certifies that he has determined that the creation of the Committee is 
necessary and in the public interest.
    The Committee's charter directs the Committee to assist the 
Commission in evaluating issues relating to the public availability of 
market information in the equities and options markets, including: (1) 
The value of transparency to the markets; (2) the ramifications of 
electronic quote generation and decimalization for market transparency; 
(3) the merits of providing consolidated market information to 
intermediaries and customers; (4) alternative models for consolidating 
and disseminating information from multiple markets; (5) how market 
information fees should be determined, including the role of public 
disclosure of market information costs, fees, revenues, and other 
matters, and how the fairness and reasonableness of fees should be 
evaluated; and (6) appropriate governance structures for joint market 
information plans, as well as issues relating to plan administration 
and oversight.
    To achieve the Committee's goals, members will be appointed that 
can effectively represent the varied interests affected by the range of 
issues to be considered. The Committee's membership may include, among 
other, persons who can represent investors, markets, broker-dealers, 
vendors, and other market participants, as well as the public at large. 
The Commission expects that the Committee's members will represent a 
variety of viewpoints and have varying experience, and that the 
Committee will fairly balanced in terms of points of view, backgrounds 
and tasks. The Chairman of the Committee will be Joel Seligman, Dean of 
the Washington University School of Law.
    The Committee will conduct its operations in accordance with the 
provisions of the Federal Advisory Committee Act. The duties of 
Committee will be solely advisory. Determinations of action to be taken 
and policy to be expressed with respect to matters upon which the 
Advisory Committee provides advice or recommendations shall be made 
solely by the Commission.
    The Committee will meet at such intervals as are necessary to carry 
out its functions. It is expected that meetings of the full Committee 
generally will occur no more frequently than six (6) times; meetings of 
subgroups of the full Advisory Committee will likely occur more 
frequently. The Commission will provide necessary support services to 
the Committee.
    The Committee will terminate on September 15, 2001 unless, prior to 
such time, its charter is renewed in accordance with the Federal 
Advisory Committee Act, or unless the Chairman, with the concurrence of 
the other members of the Commission, determines that continuance of the 
Committee is no longer in the public interest.
    Fifteen days after publication of this notice in the Federal 
Register, a copy of the charter of the Committee will be filed with the 
Chairman of the Commission, the Senate Committee on Banking, Housing, 
and Urban Affairs, and the House Committee on Commerce. A copy of the 
charter will also be furnished to the Library of Congress and placed in 
the Commission's Public Reference Room for public inspection.
    Furthermore, upon establishment of the Committee, and in accordance 
with section 10(a) of the Federal Advisory Committee Act, 5 U.S.C. App. 
10a, notice is hereby given that the first meeting of the Committee 
will be held on October 10, 2000 in the Willian O. Douglas Room at the 
Commission's main offices, 450 Fifth Street, NW., Washington, DC, 
beginning at 1 p.m. The meeting will be open to the public. The purpose 
of this meeting will be to discuss general organizational matters, to 
plan the progression of the Committee's work, and to begin discussion 
of the issues relating to the public availability of market information 
in the equities and options markets.

    Dated: September 20, 2000.
Jonathan G. Katz,
Secretary.
[FR Doc. 00-24798 Filed 9-26-00; 8:45 am]
BILLING CODE 8010-01-M