Commentary: Former SEC chairmen support NASD/NYSE merger

01/9/2007 | Wall Street Journal, The

Former SEC chairmen William Donaldson and Harvey Pitt defend the recently proposed merger of the NASD and NYSE's regulatory arms, stating that under the current system, there are "conflicting standards, inefficiencies and waste," in this Wall Street Journal op/ed piece. This "burden," the authors argue, "is passed on to thousands of smaller securities firms through their clearing firms." They believe the current system is "redundant and inefficient" and does not benefit investors or the industry.

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