NYSE Money Sense

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Chief Regulator

Claudia Crowley takes the reins of NYSE regulation at a crucial time of market innovation and reform.

Courtesy NYSE Euronext

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Claudia Crowley, CEO of NYSE Regulation and chief regulatory officer (CRO) of the New York Stock Exchange (NYSE), NYSE Arca and NYSE Amex, has seen a lot of change. She came to NYSE Regulation in October 2008 in conjunction with NYSE Euronext’s acquisition of the American Stock Exchange^® (Amex), where she had been CRO. In January 2009, she became chief of staff of NYSE Regulation. A seasoned securities regulator, she led the Amex through a period of complex regulatory change and joined NYSE Regulation in the midst of the 2008 financial crisis. Crowley now oversees all aspects of the NYSE, NYSE Arca and NYSE Amex regulatory programs, including listed company compliance; development and interpretation of all NYSE, NYSE Arca and NYSE Amex rules and policy; stock watch; and NYSE Regulation’s relationship with the SEC and the Financial Industry Regulatory Authority, or FINRA. She reports to the independent NYSE Regulation board.

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Extended Q&A

How important is regulation to the proper functioning of markets?

Trust and investor confidence are the foundation of capital markets, and they were damaged during the financial crisis. The crisis, as well as the events of May 6, highlight the importance of regulated, transparent markets. We are entering a period of enormous regulatory change, so instilling trust and confidence is crucial. The challenge is to be able to regulate while fostering competition and innovation.

How can markets regulate while fostering competition and innovation?

Each of the three marketplaces we regulate has its own unique market structure and set of rules. As our markets evolve, whether through new investment products, order types, trading technologies or functionalities, every potential change is assessed and, if necessary, tweaked in a collaborative way to ensure appropriate regulatory oversight. We work closely with our business colleagues, the market compliance group and FINRA to provide guidance on all market structure changes, sharing our knowledge and expertise as decisions are made.

The same holds true when it comes to listed company compliance. Our listing standards accommodate a variety of corporate and organizational structures. However, when we look at listed company regulatory compliance issues, our foremost concern is to support investor protection. For example, we ask, is there appropriate and adequate disclosure? Does the company have the right corporate governance and internal controls? Is it in compliance with our listing requirements? Our key mission is to serve the interests of investor protection and market integrity.