NYSE and NASD Vote To Form Single Regulator
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NYSE Group Inc. and NASD won approval from American brokerages to form a single regulator and cut compliance costs for the securities industry, overcoming opposition from a group of small firms.
NASD members voted 64% in favor of approving bylaw changes needed to combine the brokerage industry’s main watchdog with the NYSE’s regulatory arm, NASD said in a statement yesterday. Almost 83% of the 5,058 eligible members voted, it said.
