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Article: Time for a change.(Editorial)(New York Stock Exchange Inc.)
- Article from:
- Pensions & Investments
- Article date:
- December 26, 2005
CopyrightCOPYRIGHT 2005 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The New York Stock Exchange's decision to become a publicly owned, for-profit company may well make it a better regulator than it has been as a private club.
Nevertheless, its regulatory functions should be moved to a new, independent government agency along the lines of the Commodities Futures Trading Commission. Perhaps the new body could be called the Cash Markets Trading Commission.
This would leave the NYSE as simply the largest stock exchange.
The concept of a publicly held, for-profit company serving as a regulator seems odd.
Regulators generally are agents of the federal or state government. But the NYSE regulated the ...