In an August letter to the Securities and Exchange Commission that detailed its longstanding concerns, the Securities Industry and Financial Markets Association – which represents securities firms, banks and asset managers – made its case that regulators should reexamine whether exchanges, among them the New York Stock Exchange and Nasdaq, should have rulemaking and enforcement authority over their members.
The association may have a powerful ally who shares their concerns about those quasi-regulatory powers and accompanying liability protections based on remarks made by SEC Chairman Mary Jo White during a speech before the Security Traders Association in Washington, D.C. on Wednesday.
