Exchange shake-up hastens SRO reform


The merger will create a public holding company that will be regulated by a more independent, not-for-profit regulatory arm.

Separately, Nasdaq, waiting for SEC approval to become an exchange, intends to acquire Instinet's Inet ECN. Assuming it becomes an exchange, Nasdaq will be completely severed from its regulator, the National Association of Securities Dealers (NASD). NYSE Regulation and NASD regulate the 180 firms that are members of both organisations. The Securities Industry Association

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