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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April 15, 2009

Brigagliano to Fill Colby's Shoes at SEC Division

By Staff Reports

James Brigagliano was tapped by the Securities and Exchange Commission to replace Bob Colby as deputy director in the agency's Division of Trading and Markets.

Brigagliano, a 20-year veteran of the SEC, had been serving as associate director for the Office of Trading Practices and Processing. In that capacity he oversaw the division's regulatory program in trading practices, including Regulation SHO and other rules related to short selling and market manipulation.

He also oversaw the clearance and settlement program within the division, as well as the enforcement liaison function. As deputy director, Brigagliano's responsibilities will be expanded to include oversight of the Division's Office of Market Supervision, which has responsibility for matters related to oversight of stock and option exchanges, and the Division's Office of Market Operations.

Colby left the SEC after 27 years to join the law firm of Davis Polk & Wardwell in its D.C. office. The deputy director of the Division of Trading and Markets since 1993, Colby directed or participated in all of the major actions of the Division in the last 15 years, including Regulation NMS, Regulation ATS, the Order Handling Rules and the Execution Quality Rule.

Colby also helped lead efforts to implement Regulation R's bank broker exemptions; Rule 15a-6's exemption of foreign broker-dealers; the securities research analyst settlement and rules; changes to net capital rules; the short sale rules; and the credit rating agency rules. He joined the SEC staff in 1981 as a staff attorney in the Division.

He was promoted to chief counsel in 1986 and deputy director in 1993. He served as acting director of the Division of Market Regulation from August 2005 to September 2006.

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