The Island ETF Dilemna (letter to SEC)

Discussion in 'ETFs' started by jgcjulie, Nov 17, 2002.

  1. Tea


    #11     Nov 18, 2002
  2. jgcjulie


    Hi Tea,

    Thanks for the SEC and CFTC contact info. In case anyone wants it (I'm not sure where it is on the SEC website), here are email addresses for the 5 SEC commissioners (sent to me by Cameron Smith, Island's General Counsel, who seems to think emailing the commissioners directly will get the best response):

    Harvey L. Pitt:
    Cynthia A. Glassman:
    Harvey J. Goldschmid:
    Paul S. Atkins:
    Roel C. Campos:

    I'm going to email my letter to all of them; snail mail is probably better, but I don't have the patience for paper.

    :) Julie
    #12     Nov 19, 2002
  3. Print out your e-mail, and put it in envelopes, when you feel like getting around to it, and stick them in a mailbox, in addition to the e-mail. Might help, couldn't hurt?
    #13     Nov 19, 2002
  4. I have received a reply to my email to SEC regarding this Island ETF issues.
    Here are the excerpts:"
    These issues, among others, were recently discussed at two open Commission hearings on market
    structure. One of the hearings included Ed Nichol, CEO of Instinet as a panelist. If you get a chance, you might want to take a look at the Commission's web-site for some of the materials ( Over the next few weeks we will be adding more, including a transcript of the hearings. "

    So I guess if they are even discussing this issue we may have a chance of winning back the lost quotes.
    #14     Nov 19, 2002
  5. might want to redirect that email to h. pitt:p

    i have contacted all of my eected officials and the sec... i dont think the little guys are gonna change anything on wall street. i suspect that isld or a combination of ecns will develop their own QQQ/SPY clones....
    #15     Nov 19, 2002
  6. As you all know Harvey Pitt resigned the election night, so there is no point in contacting Harvey. He does not care anymore, neither can he do anything about it.
    #16     Nov 19, 2002
  7. Tea


    Surprisingly, I think the regulators take every letter seriously as long as its logical and not gratuitously insulting.

    I don't think that they hear from "the people" too often. Its probably a welcome break from the industry insiders who knock on their doors.

    Your letter may not get you the change you want. But, if you don't write - the odds are 100% that you will not change anything.
    #17     Nov 19, 2002
  8. keep dreaming.... i have deleted all correspondence with the SEC or else i would post it so you could at least get a laugh out of it all... either they dont get it, or they are being manipulated/bought by wall street's monied interests....

    care to guess which one is accurate????
    #18     Nov 20, 2002
  9. jgcjulie


    Hi everyone,

    While I've also gotten some inane responses from the SEC, I do think letters from the public can make a considerable impact, especially if they arrive in volume. However, the SEC, like other government agencies, is a bureaucracy that needs a lot of knocks on the head (in the form of our letters) before they wake up! To some extent, they *are* in bed with Wall Street's monied interests (as qqqball mentioned). But public outcry has weight! And, as in any government agency, I'm sure there are some people with integrity there who want to do the best thing. Especially as this issue is still under review, I think our voices will count.

    Check out this article:

    It describes the very current discussions about the ITS (intermarket Trading System) and the adf (Alternative Display Facility). The outcome will determine whether ECNs will be able to post quotes for listed stocks on adf without trade-through requirements that will result in orders being routed to specialists. So, there's a lot yet to be decided, and it's important for the SEC commissioners to hear from traders now.

    :) Julie
    #19     Nov 20, 2002