Speaking before the House Financial Services Committee last week, interim CEO of the New York Stock Exchange (NYSE), John Reed expressed strong support for the principle of self-regulation with regard to the country's stock exchanges.
Despite recent lapses in the governance of the NYSE, Mr Reed announced that he "strongly disagreed" with observers who have suggested that the NYSE's regulatory arm should be spun off from the exchange itself, arguing that:
"Self-regulation is at the core of our nation's securities laws."
However, he admitted to the Financial Services Committee that the NYSE needs to reform in order to create a more independent regulatory function within the organisation, and acknowledged that in light of recent events, the exchange must now "go beyond" minimum standards of corporate governance.
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