Press Releases

Release Date: July 27, 2007
Contact:
Travis Larson, (202) 216-2057, tlarson@sifma.org

SEC’s Approval of NASD-NYSE Regulation Merger Is Good for Investors, Markets

Washington, D.C., July 27, 2007 – Marc Lackritz, president and CEO of the Securities Industry and Financial Markets Association (SIFMA), said the Securities and Exchange Commission's (SEC) approval last night of the merger between NASD and NYSE Regulation is good news for investors, issuers and the industry.

“By approving this merger, the SEC helps ensure that America’s markets remain at the forefront of innovation in an increasingly competitive global environment.  A single regulator, with a single rulebook and one set of enforcement procedures will reduce redundancy, improve efficiency and build a single, powerful regulator.  These benefits will accrue to investors, firms and the markets themselves, creating a healthier, stronger financial services industry.”

SIFMA first proposed a regulatory merger of the NASD and NYSE Regulation in 2000.  At the time, exchanges had just started discussing demutualization, a step which would make the for-profit exchanges the regulators of their competitors – a serious conflict of interest.  By separating the regulatory arms of the exchanges, these conflicts are dramatically reduced. 

To view white paper on SRO Reform, follow link below

http://www.sifma.org/regulatory/structure/html/whitepaperfinal.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.