FINRA to Perform NYSE Regulation’s Market Oversight Functions
04 Maggio 2010 - 1:30PM
Business Wire
NYSE Euronext (NYSE:NYX) and the Financial Industry Regulatory
Authority (FINRA) today announced that they have agreed that FINRA
will assume responsibility for performing the market surveillance
and enforcement functions currently conducted by NYSE Regulation.
The agreement is subject to review by the Securities and Exchange
Commission.
Under the agreement announced today, FINRA would assume
regulatory functions for NYSE Euronext’s U.S. equities and options
markets – the New York Stock Exchange, NYSE Arca and NYSE Amex.
FINRA currently provides regulatory services to the NASDAQ Stock
Market, NASDAQ Options Market, NASDAQ OMX Philadelphia, NASDAQ OMX
Boston, The BATS Exchange and The International Securities
Exchange.
The final agreement is expected to be completed in the next
several weeks, with an effective date anticipated to be at or prior
to the end of June.
“This agreement will strengthen market regulation by
consolidating surveillance and enforcement responsibilities across
multiple markets into one regulator,” said NYSE Euronext COO
Lawrence Leibowitz. “Today, trading is dispersed among numerous
venues, and no single regulator has responsibility for monitoring
data and pursuing activity across markets. Aggregating our
surveillance and enforcement functions with those already performed
by FINRA for other markets is an important step on the road to
creating a consistent and completely integrated approach to
regulation.”
“This agreement will improve investor protection by establishing
a unified approach to market oversight,” said FINRA Chairman and
Chief Executive Officer Richard Ketchum. “It allows FINRA to have a
more holistic, cross-market approach to regulation that addresses
the realities of today’s trading environment, which is
characterized by fragmented markets, aggressive competition and
complex trading strategies. This unified view will better enable
regulators to detect problematic activity across multiple markets
and financial products, and ensures that audit trail data needed
for effective regulation is complete, consistently presented and
transparent.
“We look forward to working with our colleagues at NYSE
Regulation on a seamless transition and integration of our market
oversight teams.”
“Today’s agreement furthers the consolidation of regulatory
services under FINRA that began with the consolidation of NASD and
NYSE’s member-firm regulation that created FINRA in 2007,” said
James Duffy, Interim CEO of NYSE Regulation and a member of the
FINRA Board of Governors. “Our goal is to protect investors and
enhance market integrity by addressing gaps in regulatory coverage
and moving toward a unified system of regulation.”
NYSE Euronext, through its subsidiary NYSE Regulation, will
remain ultimately responsible for overseeing FINRA’s performance of
regulatory services for the NYSE markets. It will also retain staff
associated with rule interpretations, and oversight of listed
issuers’ compliance with the NYSE markets’ financial and
corporate-governance standards. The agreement involves
approximately 225 staff, most of whom will be transferred to
FINRA.
About NYSE Euronext
NYSE Euronext (NYX) is a leading global operator of financial
markets and provider of innovative trading technologies. The
company's exchanges in Europe and the United States trade equities,
futures, options, fixed-income and exchange-traded products. With
approximately 8,000 listed issues (excluding European Structured
Products), NYSE Euronext's equities markets – the New York Stock
Exchange, NYSE Euronext, NYSE Amex, NYSE Alternext and NYSE Arca –
represent one-third of the world's equities trading, the most
liquidity of any global exchange group. NYSE Euronext also operates
NYSE Liffe, one of the leading European derivatives businesses and
the world's second-largest derivatives business by value of
trading. The company offers comprehensive commercial technology,
connectivity and market data products and services through NYSE
Technologies. NYSE Euronext is in the S&P 500 index, and is the
only exchange operator in the S&P 100 index and Fortune 500.
For more information, please visit: http://www.nyx.com.
About the Financial Industry Regulatory Authority
FINRA, the Financial Industry Regulatory Authority, is the
largest non-governmental regulator for all securities firms doing
business in the United States. FINRA is dedicated to investor
protection and market integrity through effective and efficient
regulation and complementary compliance and technology-based
services. FINRA touches virtually every aspect of the securities
business—from registering and educating all industry participants
to examining securities firms; writing and enforcing rules and the
federal securities laws; informing and educating the investing
public; providing trade reporting and other industry utilities; and
administering the largest dispute resolution forum for investors
and registered firms. For more information, please visit:
www.finra.org.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements,
including forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements include, but are not limited to,
statements concerning NYSE Euronext’s plans, objectives,
expectations and intentions and other statements that are not
historical or current facts. Forward-looking statements are based
on NYSE Euronext’s current expectations and involve risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied in such forward-looking statements.
Factors that could cause NYSE Euronext’s results to differ
materially from current expectations include, but are not limited
to: NYSE Euronext’s ability to implement its strategic initiatives,
economic, political and market conditions and fluctuations,
government and industry regulation, interest rate risk and U.S. and
global competition, and other factors detailed in NYSE Euronext’s
reference document for 2009 ("document de référence") filed with
the French Autorité des Marchés Financiers (Filed on April 22, 2010
under No. D.10-0304), 2009 Annual Report on Form 10-K and other
periodic reports filed with the U.S. Securities and Exchange
Commission or the French Autorité des Marchés Financiers. In
addition, these statements are based on a number of assumptions
that are subject to change. Accordingly, actual results may be
materially higher or lower than those projected. The inclusion of
such projections herein should not be regarded as a representation
by NYSE Euronext that the projections will prove to be correct.
This press release speaks only as of this date. NYSE Euronext
disclaims any duty to update the information herein.
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