Commentary

Richard Repetto
Traders Magazine Online News

Why Do Exchanges Own Multiple Licenses? It's Not Hard To See, Look at the SEC

In this recent research note, Sandler O'Neill + Partners, L.P. Principal Richard Repetto examines why the public exchange operators hold multiple licenses and that rationale behind this phenomenon.

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November 1, 2004

Goldschmid or Donaldson?

By Editorial Staff

Securites and Exchange Commission observers were closely watching the results of the presidential election. That's because Harvey Goldschmid, a Democrat appointed by President Bush to fill out the term of a Republican commissioner, will either be re-appointed by the next president or leave. Goldschmid's term expired in June. Goldschmid has often sided with SEC Chairman William Donaldson, a Republican who was appointed by President Bush. Speculation is that, under a Kerry administration, Goldschmid would likely be the next chairman. Under a Bush administration, however, it was not clear that the chairman would be re-appointed.