The Securities Industry Association (SIA)* provides comments to the Securities and Exchange Commission (SEC) on Standard & Poor’s (S&P) proposal to change pricing procedures for the S&P 500 Index and American Stock Exchange (Amex) closing prices, SR-Amex-2003-81. SIA is concerned with the operational and technological inefficiencies, liquidity dislocation, regulatory systems and option contracts. SIA suggests the SEC take steps to delay the implementation of the S&P’s pilot program until it has had a chance to review related concerns and examine the relative performance of the Amex in Nasdaq stocks.

*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.