Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Wednesday, March 10, 2010

FINRA CEO Speaks on Reforms in Fixed Income Markets

Rick Ketchum, Chairman and CEO, FINRA, spoke at the FINRA Fixed Income Conference on March 9, 2010.  Here is an excerpt from his conclusion:

We as regulators must keep pace with the changes in fixed income markets—recognizing the differences across fixed income markets, and respecting those differences, while ensuring investor protection and market integrity. FINRA is committed to meeting these objectives as we move forward with our ambitious agenda for the fixed income markets, focused on transparency. And we will work to ensure these objectives are adhered to as we continue our cooperation with the Administration, Congress, U.S regulatory agencies, and our counterparts in other countries.

 But we should keep in mind that new regulations can only achieve so much. For the reforms to trigger lasting market improvements, it is just as important for fixed income leaders to communicate to their industry colleagues that change is underway, and that there is a duty to comply with both the letter of the reforms, as well as the spirit underpinning them. I am hopeful that the industry will embrace the work regulators are doing to shape the future of the fixed income markets, because I believe it will lead to more robust markets. The lesson for both sides is: where there is doubt, err on the side of investors.

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