NYSE, NASD merger creates single SRO
NEW YORK – The New York Stock Exchange (NYSE) and the National Association of Securities Dealers (NASD) have signed a letter of intent to form a single self-regulatory organisation (SRO) for the securities industry, through the merger of their oversight functions.
The new venture, as yet unnamed, will launch in the second quarter of 2007 and be headed by Mary Schapiro, chairman of NASD. Operating out of Washington DC and New York and 18 district offices, the new venture will comprise the current 2,400-person NASD organisation and 470 of NYSE Regulation's member regulation, arbitration, and related enforcement team. It will be responsible for all member
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