Wednesday, April 27, 2005

Background: William Donaldson, Chairman of the SEC

The quarterback for Regulation NMS, William Donaldson is a pioneer in creating an atmosphere for US equity markets to evolve. His experience includes serving as CEO and chairman of the NYSE.

To be sure, he has plenty of relationships with NYSE shareholders (i.e., seat holders) and other titans of Wall Street. After more than a year, Donaldson and his team persuaded these folks to see modernizing the current US equity markets as critical. The NYSE and Arca were way out in front of these new regulations, and their plan to merge is fertilized by the egg the SEC laid on April 6, 2004.

And as far as the time table goes, the NYSE has set the date of April 10, 2006 for testing of their new Hybrid system to commence. The sooner the ArcaEx integration can begin, the more likely Thain is to meet this time frame.


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