The US Securities and Exchange Commission announced on Wednesday that it has changed the name of the Division of Market Regulation to the 'Division of Trading and Markets', to better reflect the Division's full range of responsibilities.
The Division's new name is a revival of its name until 1972, when the SEC's divisions were restructured.
"The Division's focus has expanded in scope as a result of both recent legislation and the dramatic changes in the markets due to technology and innovation, globalization, and other forces," explained SEC Chairman Christopher Cox.
He continued:
"Ironically, from a naming standpoint this is 'back to the future' for the Division, because its new name has a pedigree. In the view of the professional staff, the pre-1972 title better reflects the Division's current responsibilities. It's nice when tradition and future directions converge."
The Division of Trading and Markets is responsible for policy development regarding markets, broker-dealers, clearing agencies, transfer agents, and other market participants.
In addition to regulating major securities market participants, the Division provides consolidated oversight of five internationally active US securities firms. The Division also oversees rating agencies and the business continuity practices and automation controls of the trading markets.
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