Stockbrokers of USA will live according to united rules

/LENTA.RU, November 29, 06/ - The regulating organizations NASD and NYSE Group on November 28 had announced about jointing of their functions, in order to shorten the expenses, appearing because of their doubling. The newspaper The Washington Post is writing about it. The edition is writing, that many residents of Wall-Street which had to live by two collections of exchange rules at once were waiting for this event for a long time. In the frames of self-regulated system of exchange markets the Securities and Exchange Commission (SEC) of USA had delegated the NASD organization with authorities on supervision over the exchange Nasdaq, and NYSE Regulation - over New York Stock Exchange (NYSE). By the words of general director of NYSE Regulation Richard G. Ketchum, it is "the first large reform" after 70 years of working of the self-regulated exchange's system. The united organization will be leaded by Mary L. Schapiro, general director and chairman of board of directors of NASD. According to the plan of uniting, the Council of administrators consisted of 23 persons will observe over NASD and NYSE during the transitional period. At that 11 chairs will be given to independent administrators. Each company, entering to NASD will get $35 th. and will everyday save $1200 on the membership dues during the nearest five years. Both NASD and NYSE Regulation are not planning to hire the employees after the joining. At the present time American exchanges Nasdaq and NYSE are struggling for the European exchange market. NYSE is in the process of fusion with the exchange's operator Euronext, and Nasdaq is buying the shares of London stock exchange. [2006-11-30]