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Watchdog Group Is Given A Name


The merger of the United States brokerage industrys two major watchdogs finally has a name: the Securities Industry Regulatory Authority, or SIRA.

NASDs chairman, Mary L. Schapiro, announced the new name yesterday and described the approach SIRA would take after her organization merges with NYSE Regulation, the New York Stock Exchanges in-house watchdog.

SIRA will be the regulator for all securities brokers and dealers doing business with the public in the United States. Wall Street firms had pushed for a merger to eliminate the overlap of NASD and NYSE Regulation, saying it was time-consuming and costly to answer to both.

Bylaw changes for SIRA must be reviewed by the Securities and Exchange Commission, which will supervise the watchdog group, before the consolidation is complete.

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