[20031105]RS21649_纽约证券交易所：治理和市场改革.pdf

Congressional Research Service The Library of CongressCRS Report for CongressReceived through the CRS WebOrder Code RS21649Updated November 5, 2003The New York Stock Exchange: Governance and Market ReformMark D. JicklingSpecialist in Public FinanceGovernment and Finance DivisionSummaryOn September 17, 2003, Richard Grasso resigned as chairman of the New YorkStock Exchange (NYSE) after a public uproar over his $187.5 million pay package .Although Grasso is not charged with any violation of law or other wrongdoing, manysee his compensation as symptomatic of fundamental problems in NYSE governance,regulation, and operations. Numerous reform proposals are under discussion, bothwithin the NYSE, among regulators, and in Congress. First, the NYSE has proposed torestructure its board of directors to exclude representatives of the securities industry.Second, some see a conflict of interest in the NYSEs role as a self-regulatoryorganization: is its responsibility to enforce trading rules compromised by its devotionto its members financial interests? Finally, the NYSE is the last major stock marketwhere most orders are executed by humans on a trading floor rather than matched bycomputers. Wou