ADVISORY/NYU Stern School of Business Hosts SEC Market Structure Hearings at New York Campus

Business Wire, Nov 11, 2002

Business Editors

ADVISORY...for Tues. (Nov. 12)

--(BUSINESS WIRE)

NYU Stern School of Business

      WHAT: The SEC is holding its second open hearing on the
            structure of the U.S. equity securities markets at NYU
            Stern. A panel of experts will address how trading in
            equity markets should be organized and regulated. The
            topics covered will include:

            --  The role of national securities exchanges, electronics
                communications networks (ECNs) and alternative trading
                systems
            --  Collection, consolidation and dissemination of market
                data through intermarket plans
            --  Broker-dealers' duty of best execution and
                corresponding marketplace rules relating to
                intermarket access, trade-throughs and
                price-protection
            --  The self-regulatory system

       WHO: More than 20 panelists will participate, including:
            --  Richard Ketchum, President of Nasdaq
            --  Senior management from the New York Stock Exchange
            --  Salvatore Sodano, Chairman and CEO, American Stock
                Exchange
            --  Paul O'Keilly President and CEO, Chicago Stock
                Exchange
            --  David Pottruck, President and Co-CEO, Schwab Capital,
            --  Ed Nicoll, CEO of Instinet Corporation
            --  Tom Gardner, Founder of The Motley Fool.

       WHY: Hear an open discussion of these market structure issues,
            and have the opportunity for immediate expert commentary
            from NYU Stern Finance Professor Joel Hasbrouck, who
            participated as a panelist at the SEC's first Market
            Structure Hearing in Washington, D.C. (Oct. 29, 2002).

            Professor Hasbrouck's primary area of research is market
            microstructure (the analysis, design and regulation of
            trading mechanisms for securities). In addition to
            teaching at Stern, he has served as a consultant to the
            New York Stock Exchange and the American Stock Exchange.

     WHERE: NYU Stern School of Business Schimmel Auditorium, Tisch
            Hall 40 West Fourth Street New York, NY 10012

      WHEN: Tuesday, November 12, 2002, 9:30 a.m. - 4:30 p.m.

If you are a member of the press, please contact Nora Roach in the Public Affairs Office at NYU Stern at 212-998-4012 or nroach@stern.nyu.edu for more information.