11:44 AM
Connect Directly

SEC Chairman Schapiro to Step Down Dec. 14

Schapiro departs an SEC that’s better equipped to oversee an increasingly complex marketplace.

Securities and Exchange Commission Chairman Mary Schapiro announced she will step down from her post on Dec. 14, nearly four years after taking on the role near the height of the global financial crisis.

Schapiro, who was appointed by President Obama, is one of the longest-serving SEC chairmen, having served longer than 24 of the previous 28. She shepherded the agency through the largest regulatory overhaul of the nation’s securities laws since the 1930s, and presided over one of the busiest rulemaking periods for the SEC in decades.

“Over the past four years we have brought a record number of enforcement actions, engaged in one of the busiest rulemaking periods, and gained greater authority from Congress to better fulfill our mission," Schapiro said in a statement.

During Schapiro’s tenure, the SEC has grown more adept at pursuing hints of criminal activity on Wall Street through vastly upgraded market intelligence capabilities and more strategic, innovative and risk-focused in the way that inspects financial firms. In the last two years alone, the SEC has brought more enforcement actions than ever before, including 734 such actions this year, and 735 in fiscal 2011.

In addition, the SEC also took aim at improving the structure of the U.S. marketplace under Schapiro’s leadership. In addition to a series of measures aimed at reducing the chances of another Flash Crash, the SEC took the unprecedented step of requiring the exchanges to create a consolidated audit trail that will enable the agency to reconstruct trading across numerous venues, a crucial step for a market that continues to become more complex.

Schapiro is departing an agency that’s still in the midst of implementing the Dodd-Frank Act. But as the result of that law, Schapiro oversaw the SEC’s development of a new whistleblower program, the strengthening of regulations governing asset-backed securities, and laid the foundation for new rules to oversee the previously unregulated derivatives market.

As the Senior Editor of Advanced Trading, Justin Grant plays a key role in steering the magazine's coverage of the latest issues affecting the buy-side trading community. Since joining Advanced Trading in 2010, Grant's news analysis has touched on everything from the latest ... View Full Bio

Comment  | 
Print  | 
More Insights
Newest First  |  Oldest First  |  Threaded View
User Rank: Ninja
11/26/2012 | 11:48:06 PM
re: SEC Chairman Schapiro to Step Down Dec. 14
We certainly need more that Shapiro had to offer and not her fault as we have same problem with HHS with needing more tech executives in place to battle the algorithms with the extreme cases of Algo Duping that goes on with using quantitative analytics maybe where they don't belong and are taken out of context. -

Great videos here with people smarter than me that explain all, especially the 2nd video as relates to the SEC and technology, the Quants are the alchemists of Wall Street with fiction used in business models today that only they can understand and event the CEOs don't get it but they have done a great job with creating formulas that take all the money while we sleep.

Wall Street does so well as I think this PLOS One journal has some good points to it that consumers when dealing with math don't like it and feel pain:)- In video #1 Charlie Siefe at NYU validates the same thing.
Register for Wall Street & Technology Newsletters
White Papers
Current Issue
Wall Street & Technology - Elite 8
The in-depth profiles of this year's Elite 8 honorees focus on leadership, talent recruitment, big data, analytics, mobile, and more.
Stressed Out by Compliance, Reputational Damage & Fines?
Stressed Out by Compliance, Reputational Damage & Fines?
Financial services executives are living in a "regulatory pressure cooker." Here's how executives are preparing for the new compliance requirements.