Two Major Exchanges Will Be Forming Single Regulator for Securities Industry

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NEW YORK NYSE Group Inc. and the NASD agreed to form a single regulator for the securities industry, ending a turf war in order to cut compliance costs for Wall Street firms and better police ever- more complex financial markets.

NYSE and the NASD signed a letter of intent to create a new organization to oversee all 5,100 securities brokers and dealers doing business with the public in the U.S., they said in a statement Tuesday. The venture, to be named later, is expected to begin operating in the second quarter of 2007 and will reduce costs by "millions per year," the groups said.

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Two Major Exchanges Will Be Forming Single Regulator for Securities Industry

"I'm firmly convinced that done properly this could make our self- regulatory system more efficient and mo...

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