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From: geoffs@prince.econ.su.oz.au (Geoff "Bad Influence" Swavley)
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Subject: Finance Conference: TRANSACTIONS COSTS, LIQUIDITY & VOLATILITY
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Date: 24 Aug 1994 08:20:35 -0500
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         SYMPOSIUM ON TRANSACTION COSTS, LIQUIDITY AND VOLATILITY
         ========================================================


                             OCTOBER 6-7, 1994


                Inter-Continental Hotel, Sydney  Australia




What is the Symposium about?
============================
Measuring  transaction  costs (including spreads,  brokerage  commissions,
execution  costs  and  government  and  other  transaction  charges)   for
Australian  equity,  options and futures markets  and  benchmarking  these
costs against international competitors.

Identifying,  measuring and benchmarking liquidity and volatility  in  the
context  of  the recent changes in Australian equity, options and  futures
markets.


Who should attend?
==================
     *    Analysts.
     *    Brokers.
     *    Financial Institutions.
     *    Fund managers.
     *    Institutional traders.
     *    Regulators.
     *    Others interested  in  the  relative  efficiency  of  Australian
          financial markets.


Symposium costs
===============
The  cost  of  registration is $600, which includes morning and  afternoon
refreshments, lunch on both days, the symposium dinner, and a  bound  copy
of the symposium papers.

Early Booking Recommended
-------------------------
Due to limited seating capacity early booking is recommended.

Travel and Accommodation
------------------------
If  required,  travel and accommodation arrangements can be made  on  your
behalf. Please indicate on the registration form.

Symposium enquiries should be directed to:

	SIRCA
	Level 7, 20 Bond Street,
	Sydney , NSW 2000
	Phone : (02) 227 0762 Fax: (02) 235 1807
	E-mail: sirca@prince.econ.su.oz.au



SYMPOSIUM  SCHEDULE
===================

 Day 1   TRANSACTION COSTS
 --------------------------
    8.30 am to 9.00 am  Coffee.
    9.00 am to 9.20 am  Welcome and Overview of SIRCA.
    Dr Michael Aitken, Executive Director, SIRCA.

    ** Part 1: Equity Markets **
    Session 1
    9.20 am to 10.00 am.
    The Costs of Trading on the Australian Equity Market.
    Dr Peter Swan, Research Director, SIRCA.

    Session 2
    10.00 am to 10.30 am
    Benchmarking   the  Costs  of  Trading  Against  Asian  and   European
    Exchanges.
    Dr Michael Aitken, Executive Director, SIRCA.
    10.30 am to 11.00 am      Morning Tea.

    Session 3
    11.00 am to 11.40 am.
    Benchmarking the Costs of Trading Against North American Exchanges.
    Dr  Robert  Wood,  Director, Institute for  the  study  of  Securities
    Markets, Memphis, USA.

    Session 4
    11.40 am to 12.00 pm.
    Open Forum.
    Panel: Dr Michael Aitken, Dr Peter Swan and Dr Robert Wood.
    12.00 pm to 2.00 pm Lunch.

    ** Part 2: Derivatives Markets **
    Session 1
    2.00 pm to 3.00 pm.
    Costs  of  Trading on the Sydney Futures Exchange Benchmarked  Against
    Competitors.
    Dr Terry Walter, Research Director - Derivatives, SIRCA.

    Session 2
    3.00 pm to 3.30 pm.
    Costs  of  Trading  on  the  Australian  Options  Markets  Benchmarked
    Against Competitors.
    Mr Alex Frino, Deputy Research Director, SIRCA.
    3.30 pm to 4.00 pm  Afternoon Tea.

    Session 3
    4.00 pm to 5.00 pm.
    Market Organiser Participants and Views.
    Mr Les Hosking, Chief Executive, Sydney Futures Exchange.
    Dr   Andrew   Threadgold,  Chief  General  Manager,   Insurance,   AMP
    Investments,  Mr  David  White,  Director,  Derivatives   and   Market
    Development, Australian Stock Exchange.

    Session 4
    5.00 pm to 5.30 pm.
    Open Forum.
    Panel:  Mr Alex Frino, Mr Les Hosking, Dr Andrew Threadgold, Dr  Terry
    Walter, Mr David White.
    5.30 pm   Close.
    7.00 pm for 7.30 pm Conference Dinner.

 Day 2   LIQUIDITY and VOLATILITY
 ---------------------------------
    8.30 am to 9.00 am  Coffee
    9.00 am to 9.10 am  Introduction and Overview.
    Dr Michael Aitken

    ** Part 1: Equity Markets **
    Session 1
    9.10 am to 10.00 am
    Liquidity and Volatility on the Australian Equity Market
    Dr Philip Brown, Research Director-Equities, SIRCA.

    Session 2
    10.00 am to 10.45 am
    Liquidity and Volatility on US Equity Markets.
    Dr  Robert  Wood,  Director,  Institute  for  the  study  of  Security
    Markets, Memphis USA.
    10.45 am to 11.00 am     Morning Tea.

    Session 3
    11.15 am to 12.00 pm.
    Liquidity  and  Volatility  Surrounding  Information  Events  (Trading
    Halts).
    Dr Michael Aitken, Executive Director, SIRCA.

    Session 4
    12.00 pm to 12.30 pm
    Open Forum.
    Panel: Dr Michael Aitken, Dr Philip Brown and Dr Robert Wood.
    12.30 pm to 2.30 pm           Lunch.

    ** Part 2: Derivatives Markets **
    Session 1
    2.30 pm to 3.00 pm.
    The Liquidity and Volatility on the Australian Options Market.
    Dr Terry Walter, Research Director-Derivatives, SIRCA.

    Session 2
    3.00 pm to 3.45 pm.
    Liquidity  and  Volatility  Changes  Surrounding  Changes  in   Market
    Structure  on the SFE (e.g. Downsizing of the SPI and Introduction  of
    Individual Share Price Futures).
    Mr Alex Frino, Deputy Research Director, SIRCA.
    3.45 pm to 4.00 pm  Afternoon Tea.

    Session 3
    4.00 pm to 4.30 pm.
    Open Forum.
    Mr Alex Frino, Mr Les Hosking, Dr Terry Walter, Mr David White.

    Session 4
    4.30 pm to 5.00 pm.
    The Future Research Agenda of SIRCA.
    Round table discussion.
    5.00 pm to 6.00 pm  Drinks.
    6.00 pm   Close.


REGISTRATION
============
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--------------------------------------------------------------------------



         SYMPOSIUM ON TRANSACTION COSTS, LIQUIDITY AND VOLATILITY
         ========================================================


                             OCTOBER 6-7, 1994


                Inter-Continental Hotel, Sydney  Australia




Yes, please register me for the SIRCA Symposium
(This form may be photocopied for multiple registration)

Title (Mr, Ms, Dr):______________________________________
First Name        :______________________________________
Surname           :______________________________________
Organisation      :______________________________________

Position          :______________________________________
Address           :______________________________________
Postcode          :______________________________________
Phone             :(     )_______________________________
Fax               :(     )_______________________________

(Yes/No) I require assistance with travel and accommodation arrangements.

Please  return this form together with your cheque for $600 no later  than
Friday, September 30, 1994 to:

SIRCA
Level 7, 20 Bond Street,
Sydney , NSW 2000
Phone: (02) 227 0762 Fax: (02) 235 1807
E-mail: sirca@prince.econ.su.oz.au

Registration cannot be confirmed until full payment is received.
Please make cheques payable to SIRCA.

--------------------------------------------------------------------------



What is SIRCA?
==============

SIRCA  involves a strategic alliance between research personnel from  five
Australian  universities, the Australian Stock Exchange (ASX), the  Sydney
Futures  Exchange  (SFE) and the Australian Financial Markets  Association
(AFMA).


SIRCA Objectives
================

The  objective  of  the  centre  is to develop  and  market  the  combined
intellectual capital of universities, industry and government on any issue
associated with the development of financial markets. The proposed outcome
is  the enhancement of both the regional and international competitiveness
of  these  marketplaces and the businesses which  make  use  of  them,  by
promoting worlds best financial practice.

Through  this process, SIRCA is developing a regional centre  for  capital
markets  research  to  complement  existing  regional  centres  in  Europe
(London) and the United States (Chicago, and New York).


     SIRCA
     Level 7, 20 Bond Street,
     Sydney , NSW 2000
     Phone: (02) 227 0762 Fax: (02) 235 1807
     Securities Industry Research Centre of Asia-Pacific


SIRCA's Major Sponsors
======================
     *    Commonwealth Government.
     *    Australian Stock Exchange.
     *    Sydney Futures Exchange.
     *    Australian Financial Markets Association.
     *    Department of Finance, University of Sydney.
*   Department   of   Accounting  and  finance,  University   of   Western
    Australia.

