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Dissident Group Seeks To Block NYSE/NASD Merger

Law360 (December 1, 2006, 12:00 AM EST) -- Upset over the potential consolidation, a splinter group of small securities firms is seeking to block the proposed regulatory merger of the National Association of Securities Dealers and NYSE Group Inc.’s New York Stock Exchange.

The Financial Industry Association, an advocacy group that represents an estimated 1,000 broker-dealers, has circulated a letter encouraging NASD members to reject the union of the two self-regulatory organizations.

Earlier this week, the NASD and the NYSE agreed to streamline private-sector regulation by combining their efforts and creating one body to...
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