NASD/NYSE merger gets SEC go-ahead
The Financial Industry Regulatory Authority, (FINRA) which consolidates the National Association of Securities Dealers (NASD) and the New York Stock Exchange’s member regulator, has been approved by the Securities and Exchange Commission.
FINRA will oversee more than 5,000 brokerage firms, about 173,000 branch offices and more than 665, 000 registered securities representatives.
It will also regulate the Nasdaq, American, International Securities and Chicago Climate stock exchanges.
Mary Schapiro, former head of the NASD who becomes the first FINRA chief, said: “With investor protection and market integrity as our overarching objectives, FINRA will be an investor-focused and more streamlined regulator that is better suited to the
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