Mary Schapiro, chief executive officer of the Financial Industry Regulatory Authority, recommended that the brokerage industry be continue to be self-regulatory, but overseen by one tier looking for systemic risk and another scrutinizing business conduct. Schapiro made the remarks at the annual meeting of the Securities Industry and Financial Markets Association.


Other nations already have such a system, and it works well, Schaprio said, notably in Australia, New Zealand and the Netherlands.

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