John Reed, interim NYSE chairman, today said the exchange may not separate its regulatory and market functions, contrary to what many institutional investors - including some of the largest public pension funds - have recommended. "Our position is, we want to keep the regulatory structure here," Mr. Reed said today following a meeting of the NYSE's board of directors. "We want to keep it tightly coupled."
He also said the board received a 27-point proposal for reforming the exchange's corporate governance structure, developed by the exchange's special committee on governance led by former director H. Carl McCall and Leon Panetta, former White House chief of staff. Mr. Reed said he will review all the ideas and create a corporate governance plan that the board will vote on at its Dec. 2 meeting.