The NASD and NYSE Group have agreed to merge their regulatory operations into a single self-regulatory organization that will oversee all U.S. securities broker/dealers. The name of the organization will be determined at a later date and will begin operating in the second quarter of next year.

All 2,400 NASD employees and 470 NYSE regulatory employees will become part of the new group. NASD Chairman and CEO Mary L. Schapiro will become its CEO, and NYSE Regulation CEO Richard G. Ketchum will become non-executive chairman of the board for a three-year period while remaining CEO of NYSE Regulation, which will continue to oversee market surveillance and listed company surveillance at the New York Stock Exchange.

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