Exploring Corporate Governance Around the World

By Allison Garrett, Senior Vice President for Academic Affairs at Oklahoma Christian University

Sunday, June 25, 2006

NASD Chair on Cross-Border Exchange Mergers

NASD Chairman Robert Glauber spoke this past week at the Harvard Business School Global Leadership Forum.

As this blog has previously noted here and here, the SEC and its counterparts have stated that they will cooperate fully as exchanges engage in cross-border mergers. The NYSE is merging with Euronext and NASDAQ has purchased a stake in the London Stock Exchange. Bond markets have traded internationally for years, but the equity markets have been slow to catch up. These new mergers may change that.

Glauber seems skeptical about the ability of the SEC to work effectively with European regulators. As NASDAQ and the NYSE hop the pond, regulators in Europe are concerned that they will export to Europe the i-dotting and t-crossing regulatory approach followed in the U.S. In Europe (and South America), principles based governance is the norm.

Glabuer notes that regulatory cooperation, even among European regulators, has been discouragingly slow. Harmonizing the different U.S. and European approaches will be extremely difficult and investors may suffer.

The text of Glauber's speech is here on the NASD's web site.


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