The Securities Industry Association (SIA)* provides comments to the Securities and Exchange Commission (SEC) on the proposed rule change by the New York Stock Exchange (NYSE) relating to the amendment and restatement of the constitution of the exchange to reform the governance and management of architecture of the exchange, Release No, 34-48764; File No. SR-NYSE-2003-34. There is a concern about unresolved conflicts of interest between the dual roles of the NYSE and other self-regulatory organizations (SROs) as regulators of their members, and as standard-setters for marketplaces with which those members compete. SIA believes the entire self-regulatory system should be restructured, possibly along the lines of a hybrid SRO.

*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.