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NYSE Stands Up for Itself

Traders Magazine, October 2003

Gregory Bresiger

The current system of self-regulation has its problems, but there is no reason why it can't be reformed and work. Those were the assertions of acting NYSE Chairman John Reed, recently testifying before the U.S. House Financial Services Committee. "We, in the New York Stock Exchange, are good regulators. We're not perfect regulators. There are things that will need to be corrected," according to Reed. He also added that effective reform can be carried out by the NYSE. Reed argued that - to avoid conflicts of interest - the board should be "essentially" independent. But Reed also stressed that Big Board doesn't need radical change.

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