NASD Chief Announces A Name Change

There's a new name for the organization born from the merger of the brokerage industry's two main watchdogs, the NASD and the regulatory arm of the New York Stock Exchange.

Introducing the "Securities Industry Regulatory Authority", or SIRA for short.

Wall Street pushed for the consolidation to ease the burden of reporting to two masters. The new authority will oversee all securities brokers and dealers in the U.S., and will be supervised by the Securities and Exchange Commission. The SEC is currently reviewing the organization's bylaws.

NASD chairman Mary Shapiro explained what the change is all about in a speech to the Exchequer Club in Washington this week. Here's a link to her remarks.

By Dan Beyers  |  June 22, 2007; 6:03 AM ET
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