Press Releases

Release Date: November 28, 2006

NYSE/NASD Regulatory Merger Endorsed By SIFMA

Contact:
Travis Larson, (703) 470-3193
Melissa Buden, (860) 983-6949

Washington, D.C. – The Securities Industry and Financial Markets Association (SIFMA) endorsed today's announcement that the New York Stock Exchange and NASD would consolidate their broker-dealer regulatory arms into a new, single regulator.

"This is great news for investors, the industry and the public," said Marc Lackritz, co-CEO of SIFMA.  "It will improve the quality of regulation for investors and the industry, while also creating a more efficient regulatory system."

"Today's announcement is a win-win for investors and the industry," said Micah Green, co-CEO of SIFMA.  "By making regulation clearer, less redundant and more cost efficient, compliance and supervision will become more effective and efficient."

SIFMA also praised the Securities and Exchange Commission, Mary Schapiro of NASD and Rick Ketchum of NYSE for their leadership in bringing the two groups together.

The industry has supported this move releasing a white paper in 2000 that described one model for such a merger when the exchanges first raised the idea of de-mutualization. (http://www.sia.com/market_structure/html/siawhitepaperfinal.htm)  In late 2003, the SEC issued a governance proposal on the concept and the industry redoubled its efforts.  In 2005, the industry released its goals and principles for any such organization. (http://www.sia.com/press/2006_press_releases/21845530.html)

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The Securities Industry and Financial Markets Association brings together the shared interests of more than 650 securities firms, banks and asset managers. SIFMA's mission is to promote policies and practices that work to expand and perfect markets, foster the development of new products and services and create efficiencies for member firms, while preserving and enhancing the public's trust and confidence in the markets and the industry. SIFMA works to represent its members’ interests locally and globally. It has offices in New York, Washington D.C., and London and its associated firm, the Asia Securities Industry and Financial Markets Association, is based in Hong Kong.