Change of Venue for Seminar: ``The Democratization of Wall Street?''.Business Editors DALLAS--(BUSINESS WIRE)--Oct. 20, 2003 Due to overwhelming response, the location of this seminar has been changed. Complete details are below. The problem: "We have created the most technologically efficient method in the world for trading stocks," said Alfred Berkeley Alfred R. Berkeley is an American businessman who served as President and later Vice-Chairman of the NASDAQ Stock Market, Inc., from June 1996 until August 2003. Before Nasdaq, Berkeley was a General Partner and then a Managing Director of Alex. Brown & Sons, an investment bank. , III, Vice Chairman of the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on Market. "But we have an inefficient market Inefficient Market A theory which asserts that the market prices of common stocks and similar securities are not always accurately priced and tend to deviate from the true discounted value of their future cash flows. This theory opposes the efficient market hypothesis. in the U.S. for distributing and assessing the information that drives those transactions. Of the more than 14,000 public companies in the U.S., we estimate only about one-third have any meaningful Wall Street research and, thus, they get most of the attention." The Solution: eXtensible Business Reporting Language (XBRL (EXtensible Business Reporting Language) A specification for publishing financial information in the XML format. It is designed to provide a standard set of XML tags for exchanging accounting information and financial statements between companies and analysts. ). "XBRL bypasses that bottleneck," said Berkeley. "It makes it easier for individuals, analysts and institutions to access, compare and analyze company performance. Undiscovered jewels will be discovered. The market will become more liquid. And it gives companies greater control over their own data." In fact, Berkeley goes as far as to speculate that XBRL could lead to "the drastic democratization de·moc·ra·tize tr.v. de·moc·ra·tized, de·moc·ra·tiz·ing, de·moc·ra·tiz·es To make democratic. de·moc " of information on Wall Street. Please join us for a complimentary breakfast seminar hosted by Merrill Corporation and its sponsors, featuring a keynote address by Mr. Paul Penler, partner with Ernst & Young, LLP LLP - Lower Layer Protocol , Cleveland and the current Chairman of the American Institute of Certified Public Accounts (AICPA AICPA See American Institute of Certified Public Accountants (AICPA). ) Implementation Task Force on eXtensible Business Reporting Language (XBRL). His task force is comprised of more than 170 organizations that are dedicated to developing XBRL as a global standard. Mr. Penler's talking points will be:
-- What and Why? (definition, market need, anticipated benefits)
-- Who is behind/involved/supporting XBRL? (market support)
-- Where does XBRL development/adoption stand? (status)
-- What are your options? (steps you could/should take)
Date: Wednesday, October 29, 2003
7:30 a.m. Registration
8:00 - 9:00 a.m. Program
NEW LOCATION:
Dallas World Aquarium
1801 N. Griffin Street
Dallas, TX 75202
214.720.2224
A complimentary breakfast buffet will be served.
RSVP: Deadline is 4:00 p.m., Monday, October 27, 2003. To
register:
Please call 214.698.9777 or email Bob Pond at
robert.pond@merrillcorp.com.
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