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To: LPS5 who wrote (8491)	10/23/2000 1:33:51 PM
From: Wayners	Read Replies (1) \| Respond to of 12617

Why do we need single stock futures? Seems to me the availability of options is good enough for every conceivable hedging/leverage strategy. At least there are position maximums with options. Just seems to me that single stock futures in the hands of the biggest handful of market players (those with access so billions) would be a dangerous thing. I already think that the index futures (the tail) already wags the dog.

To: LPS5 who wrote (8491)	10/26/2000 7:09:17 PM
From: TFF	Read Replies (1) \| Respond to of 12617

SEC Official: SuperMontage Will Get Prompt Attention By GASTON F. CERON Of DOW JONES NEWSWIRES NEW YORK -- The Nasdaq Stock Market's planned upgrade of its stock-trading platform contains "substantial benefits" and will receive the prompt attention of the Securities and Exchange Commission, said Annette Nazareth, director of the SEC's division of market regulation. Nazareth said the SEC won't be rushed into acting on the system, known as SuperMontage, but that its fate will be decided "promptly." Although the SuperMontage proposal has been amended eight times, Nazareth noted that it was first unveiled late last year. "They need an answer at some point," Nazareth said of Nasdaq. Asked if the SEC will give Nasdaq a simple yes-or-no response on SuperMontage, she said that the proposal could be adopted "subject to conditions," but indicated that the SEC is unlikely to make its approval contingent on wholesale revisions. Nazareth, who spoke to reporters at a securities markets conference run by the Investment Company Institute in New York, said she recognized SuperMontage's importance to Nasdaq's plans. The trading system is a key part of Nasdaq's transformation into a registered stock exchange and a shareholder-owned, for-profit company. SuperMontage has proved a controversial subject in the trading community. Nasdaq defends it by pointing out, among other things, that it will give investors a more detailed view of the supply and demand for a particular stock. But several of the new alternative stock-trading venues known as electronic communications networks, or ECNs, have loudly criticized SuperMontage by calling it anticompetitive. Nazareth noted that the back-and-forth nature of the SEC's approval process, which solicits input from the securities industry and other parties, has already led to compromises on SuperMontage. For example, Nasdaq recently agreed to a change in how stock quotes from ECNs would be displayed on the system, which appeased one ECN, Bloomberg Tradebook, that had been arguing against SuperMontage. -By Gaston F. Ceron, Dow Jones Newswires; 201-938-5234; gaston.ceron@dowjones.com