FC: Rep. Bliley applauds conversion to decimals, condemns fractions

[Declan McCullagh <declan () well com>]

*******

Next in the news:
 Pat Buchanan cites dangers of European "celsius" scale, warns French use it
 Majority Leader Lott applauds "pi," lauds 3.14159 as a "way cool number"

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> From: House_Commerce_Press/CC00 () com-notes house gov
> Sender: Pete_V._Sheffield/CC00 () com-notes house gov
> Date: Wed, 19 Apr 2000 08:59:49 -0400
> Subject: Bliley Applauds Island?s Conversion to Decimal P
>         ricing
>
>
>
> For Immediate Release:
> Contact: Peter Sheffield
> Wednesday, April 19, 2000
> 202.225.5735
>
> Bliley Applauds Island
> ?s Conversion to Decimal Pricing
>
> Washington (April 19) -- Chairman Tom Bliley (R-VA) has applauded today?s
> announcement from Island ECN that it will begin trading in decimals as of July
> 3, 2000.
>
>      Chairman Bliley today released the following statement:
>
>      "Free Markets are powerful things.  For years we have been hearing 
> excuses
> about why the stock markets could not be priced in dollars and cents.  The
> Exchanges said it would be too expensive to convert.  The SEC said it would
> cause confusion.  We were told we would have to wait. 
> Meanwhile,  investors have
> been missing out on $2 billion in annual savings that decimal pricing would
> bring.
>
>      "Today the wait is over.  Island ECN will convert its systems to 
> decimals.
>
>      "The Island book will make these prices available for free in real 
> time on
> the Internet.  It will have superior information to the non-converted NASDAQ
> tape.
>
>      "For too long the United States has stood as the only developed nation
> continuing the antiquated practice of trading in fractions.  And this
> inexcusable reality has been at the expense of American investors.  The 
> time has
> come for true competition, and for stocks to be priced in dollars and cents.
>
>      "Hats off to Island for converting stock trades from fractions to 
> decimals.
> This move is pro-consumer and free market friendly, pure and simple.
>
>      "I call on the SEC and the Exchanges to follow suit -- enough excuses.
> Convert now before the markets leave you behind."
> - 30 -

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