News Releases

“Over the past year, NYSE Regulation has undertaken a number of new initiatives.  One that I’m very excited about is our first conference on regulatory issues for member organizations and other interested guests,” said Richard G. Ketchum, chief regulatory officer, the New York Stock Exchange.  “We’ve expressed our determination that self-regulation can be both aggressive and intelligent.  One of the ways we can achieve that goal is from a robust exchange of ideas at what promises to be a memorable event.”

The conference comes at a critical time, when increased scrutiny and oversight have both regulators and broker-dealers focused on establishing higher standards of governance.  Attendees will hear the latest regulatory thinking from leaders in the field, and can choose from a dozen workshops covering a wide variety of emerging regulatory issues.  Speakers include Annette Nazareth, director of market regulation at the U.S. Securities and Exchange Commission and Robert Morganthau, New York District Attorney.  From the Exchange, in addition to Ketchum and his team from NYSE Regulation, the new NYSE Chairman of the Board Marshall N. Carter will open Day Two with Wednesday’s welcoming address.  Carter, previously chairman of the NYSE board’s Regulatory Oversight Committee, was elected chairman on April 7, 2005, succeeding John Reed.   

Ketchum formally opens the conference on Tuesday morning with an overview of NYSE Regulation’s recent initiatives that have yielded significant advances in market oversight and investor protection.  A discussion with NYSE Regulation’s senior officials immediately follows.  Panel participants are Robert A. Marchman, executive vice president of market surveillance; Susan L. Merrill, chief of enforcement; and Grace B. Vogel, executive vice president, member firm regulation. 

Wednesday’s general session will address rebuilding ethics and compliance in the securities industry.  Moderated by former SEC enforcement director William R. McLucas, now a partner with Wilmer Cutler Pickering Hale & Dorr, the panel’s speakers include: Ketchum; Eric R. Dinallo, chief of regulatory matters at Morgan Stanley and former chief of investor protection in the office of the New York State Attorney General; Mary Ann Gadziala, Office of Compliance Inspections and Examinations, U.S. Securities and Exchange Commission; and Barbara Roper, director of investor protection, Consumer Federation of America. 

Over the two days, there also will be a dozen workshops covering multiple aspects of market regulation and oversight.  These separate sessions will feature leading experts, NYSE Regulation top executives, seasoned legal advisers and representatives from some of the largest U.S. securities firms.  Workshop topics include internal controls, managing business conflicts, examining proposed rules, best practices for USA Patriot Act compliance and a detailed discussion of what to expect in regulatory examinations.

Two morning seminars will be held at the New York Stock Exchange.  Scheduled to conclude before the opening bell to accommodate those who work on the Exchange floor, these workshops will cover a range of supervisory and performance-related issues.  The seminars are open to the NYSE Trading Floor community, their advisors and legal counsel. 

Nazareth will deliver Tuesday’s luncheon speech, while the midday address on Wednesday will be from Morganthau.  Attendees are also invited to attend a cocktail reception hosted by NYSE Regulation at the Exchange’s trading floor on the evening of June 21.  The conference is open to the media and registration is required. 

About NYSE Regulation

On December 17, 2003, the SEC approved a new governance structure for the NYSE.  Under the new design, the NYSE Board of Directors is comprised solely of independent directors, except for the chief executive officer, who have no affiliation with any regulated member firm.  A new position of chief regulatory officer was created and reports directly to the board of directors through a new Regulatory Oversight Committee.  As a result, NYSE Regulation is insulated from potential influence from NYSE members and member firms, operates separately from the business side and is independent in its decision-making.

NYSE Regulation plays a critical role in monitoring and regulating the activities of its members, member firms and listed companies, as well as enforcing compliance with NYSE rules and federal securities laws.  Nearly 400 of the largest securities firms in America are members of the New York Stock Exchange.  These firms service 92 million customer accounts, or 90 percent of the total public customer accounts handled by broker-dealers, with total assets of over $3 trillion.  They operate from 19,000 branch offices around the world and employ 146,000 registered personnel.  Nearly 700 employees, or more than 40 percent of the Exchange’s staff, work for NYSE Regulation, which consists of four divisions: Market Surveillance, Member Firm Regulation and Enforcement and Listed Company Compliance, as well as a Risk Assessment Unit and Dispute Resolution/Arbitration. 

Contact:

Scott Peterson
212.656.4089
speterson@nyse.com

Brendan Intindola
212.656.4236
bintindola@nyse.com