In a move supported by the SEC, NYSE Group and the NASD said Tuesday that they have signed a letter of intent to merge their regulation operations to reduce costs and improve market policing. The new SRO will perform member review, enforcement and dispute resolution functions as well as market regulation for Nasdaq. NYSE Regulation said it will continue to oversee NYSE trading activity. The NASD also plans to make a one-time $35,000 payment per member and to gradually reduce annual dues.
November 30, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
After years of on-and-off negotiations, the stars have finally aligned for Wall Street’s two main self-regulatory organizations, or SROs, to merge into a single enforcement arm for the securities industry.
NYSE Group Inc. and the NASD (formerly the National Association of Securities Dealers) said Tuesday they signed a letter of intent to consolidate their member regulation operations to reduce industry costs and better police the financial markets.
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