NYSE Group today announced NYSE Regulation will directly perform the market
surveillance, investigation and enforcement functions for NYSE Group's three
equities exchanges and two options exchanges upon the expiration of the
contract with the Financial Industry Regulation Authority (FINRA) on December
31, 2015. FINRA will retain the cross-market surveillance and investigation
functions and will continue to conduct the registration, testing, and
examinations of broker-dealer members of NYSE Group's exchanges.
NYSE Regulation performs or oversees FINRA's performance of various regulatory
duties on behalf of the New York Stock Exchange, NYSE Arca and NYSE MKT,
including administering surveillance, enforcement, and disciplinary programs
to ensure member firms' compliance with exchange rules and federal securities
laws, as well as monitoring and enforcing compliance by listed companies with
listing standards. It is a wholly-owned, not-for-profit subsidiary of New York
Stock Exchange LLC.
“NYSE Group supports the independent decision by NYSE Regulation's board that
NYSE Regulation will directly perform the surveillance, investigation and
enforcement functions for NYSE Group's exchanges as we believe the
effectiveness of these functions is integral to the operation of our exchanges
and to market integrity, fairness and investor confidence,” said NYSE Group
President Thomas W. Farley.
“NYSE Regulation is expanding its market surveillance, investigation and
enforcement capabilities to oversee and enforce a robust regulatory program
for NYSE Group's exchanges. We believe our expertise and proximity to the
markets being regulated will enhance effective surveillance and rule
enforcement,” said NYSE Regulation CEO Mary Brienza.
As an important step in expanding the market surveillance and enforcement
program for NYSE Group's exchanges, NYSE Regulation has selected Cinnober as a
technology partner for the development and implementation of the enhanced
surveillance system. Cinnober is a world-leading supplier of financial
technology to trading and clearing venues, including exchanges,
clearinghouses, banks and brokers.
NYSE Regulation has also appointed Adam J. Wasserman as NYSE Regulation Head
of Enforcement. Mr. Wasserman was previously a partner in the New York office
of the law firm Dechert LLP, where he was a senior member of its White Collar
and Securities Litigation Group.
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