Cory Levine, Wall Street & Technology
In a speech at the Securities Industry and Financial Markets Association (SIFMA) launch event in Boca Raton, Fla, yesterday, NYSE Group CEO John Thain hinted at the future convergence of industry regulators. According to a Forbes.com report, Thane indicated that the current regulatory environment is less than ideal, and that overregulation of domestic markets is hindering their global competitiveness. "If we are not careful, we will in fact make the U.S. less attractive to the rest of the world," he said.Also lobbying for regulatory consolidation was SIFMA co-chairman and head of Morgan Stanley's retail brokerage James Gorman. According to Reuters, Gorman called for the NYSE and NASD to join forces and regulate with "a single principles-based rule book."
In related news, SIFMA today named Micah Green, former president and CEO of the Bond Market Association, and Marc Lackritz, former president of the Securities Industry Association, as permanent co-CEOs of SIFMA.