Financial Markets Conference - "40 Years Of Experience With NMS: Who Are The Winners And What Have We Learned?" The 1975 Congressional Securities Acts Amendments, by calling for the institution of a National Market System, jump started far reaching change in the equity markets. The ensuing years have brought a succession of further regulatory initiatives, substantial technology development, major alterations in the competitive environment and never ending debate and research on the part of regulators, industry participants, and academics. The debate will continue in this conference. The overriding question is, after 40 years of experience with NMS, who are the winners and what have we learned?