The prospect of greater harmonization in US securities
regulation was raised last month, following remarks by John
Thain, chief executive of the New York Stock Exchange
In a speech to the annual conference of the Securities
Industry Association (SIA), Thain said the Exchange is looking
at ways in which it could reduce levels of duplicated
regulatory oversight in the US financial markets, including a
possible combination with NASD, formerly known as the National
Association of Securities Dealers.
At the moment 180 broker-dealers are members of both the
NYSE and NASD. Each organization sets its own rules for
members, conducts examinations and takes enforcement actions.
Members pay two sets of regulation fees and often have to
undergo multiple inspections to make sure they comply with two
sets of rules.
Many securities firms complain that this system is
inefficient, and Thain said that reducing regulatory
duplication has been a priority...