SIA Technology Management Conference
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Elsewhere in Town: Thain, Nazareth at the Big Board's Regulatory Show
June 19, 2006
On the cusp of the U.S. securities industry's premier annual technology conference, the independent regulatory arm of the New York Stock Exchange will hold its second annual conference today and Tuesday at the Grand Hyatt Hotel in New York. The organizers expect to at least equal the more than 600 securities industry professionals who attended last year, according to Brendan Intindola, communications manager at the NYSE Regulation unit.
Topics to be covered in four general sessions and 12 workshops include risk assessment and a risk-based approach to regulation, plus a number of "hot button" issues including smart-order routing, market surveillance, compliance internal controls, electronic communications best practices and ethics for the securities industry. John A. Thain, CEO of NYSE Group, and Annette L. Nazareth, commissioner of the Securities and Exchange Commission, will be the luncheon speakers on Monday and Tuesday, respectively.
NYSE Regulation chief Richard G. Ketchum will open the conference. Panel participants will include top NYSE Regulation officials along with executives of Bear Stearns & Co., JP Morgan Chase & Co., Morgan Stanley, Goldman Sachs & Co. and other firms.
Now Separate
A key difference from last year is that NYSE Regulation is now a division within the publicly traded NYSE Group. The March merger of the New York Stock Exchange and Archipelago Holdings resulted in the separation of the exchange's trading operations (NYSE Market) from its regulatory arm.
Ketchum, formerly chief regulatory
officer, is now the regulator's CEO. The committee of the NYSE
board to which Ketchum previously reported has been disbanded, and
now NYSE Regulation has an independent board, a majority of whose
members are not on other NYSE boards. Each director is also
required to be independent of member organizations and listed
companies.
The reorganization traces its roots to 2004, when the SEC charged the NYSE with failing to detect widespread and illegal proprietary trading on its floor and failing to adequately investigate the violations it did turn up. Without contesting the charges, the NYSE agreed to a series of remedial measures that included spending $20 million on regulatory audits through 2011, plus closer oversight of floor members. "To further emphasize the independence of regulation, [NYSE Regulation] has evolved into a completely separate operation," Intindola said. NYSE Regulation employs over 700 people and includes four divisions--market surveillance, member firm regulation, enforcement and listed company compliance--in addition to risk assessment and dispute resolution/arbitration units.
"As the marketplace undergoes revolutionary change, we are accelerating our drive to strengthen vigorous and vigilant regulation for the benefit of all investors," Ketchum said. "Through this conference, we want to share best practices, trends and new ideas with representatives of our member organizations and other interested parties."
