NASD and NYSE regulators to merge
The National Association of Securities Dealers (NASD), an independent regulator of the US securities market, and the New York Stock Exchange (NYSE)’s member regulation operations will become the Securities Industry Regulatory Authority (SIRA).
Mary Schapiro, chairman and chief executive of NASD, said : “SIRA will be the largest self-regulatory organisation for securities brokers and dealers in the world.”
Speaking at the Exchequer Club in Washington on Wednesday, Schapiro said the merger would cut out inefficiencies stemming from differences in NASD and NYSE regulation. “No longer will there be competing rulebooks. Duplicative regulation will come to an end, and overlapping jurisdiction will be a thing of the past,” she said.
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