Do commenters believe that there is unequal regulation of exchange-listed securities among the markets trading such securities?
If so, do commenters believe that the proposals made by Nasdaq with respect to Nasdaq securities would address such unequal regulation in the listed markets? If not, what other approaches do commenters recommend? There is significantly less fragmentation in NYSE-listed securities than in the over-the-counter market. Accordingly, there is no basis for attributing either the problems or the proposed solutions of the over-the-counter market to the much larger market for NYSE-listed securities. With respect to the markets in NYSE-listed securities, the NYSE serves as the designated examining authority with respect to all its member firms. We would certainly accept the responsibility of being the sole examining authority with respect to our member firms. Alternatives such as competitive bidding do not align institutional motivations with regulatory efficacy and productivity, distance market regulation from market function and attenuate accountability from the federal regulatory framework of
