NYSE/NASD merged supervisor changes name
The consolidated regulator of the New York Stock Exchange (NYSE) and the National Association of Securities Dealers (NASD) will be called the Financial Industry Regulatory Authority, not the Securities Industry Regulatory Authority (SIRA) as was originally planned.
The revision took place after it was found problems existed with the SIRA acronym. Mary Schapiro, chairman and chief executive of NASD, an independent regulator of the US securities market, said: “After we previewed the name three weeks ago, we were made aware that our use of the acronym SIRA could create confusion, or might even be considered offensive by some, because of its similarity to an Arabic term used to refer to the traditional biographies of Muhammad.”
The merger of NYSE and NASD’s
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