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April 21, 2005

Big Board Comes Out Swinging

By Gregory Bresiger

The Big Board favors the SEC's proposal for rigid SRO rules redefining what qualifies as an independent board. The NYSE, in a recent filing with the SEC, said its current board structure now exceeds the proposed SRO standards. The proposed standards call for "fair representation" on SRO boards. However, some trading firms have objected that these standards would lead to members who know little about the trading business. [See Washington Watch]. Nevertheless, the NYSE says the current SRO model sometimes fails to stop the inevitable conflicts between the business and regulatory needs of an SRO.