CalPERS Applauds SEC On Specialist Settlement

Sean Harrigan, President of the California Public Employees’ Retirement System (CalPERS) issued the following statement yesterday about the settlement by the Securities and Exchange Commission with specialist firms.

“We greatly applaud the Securities and Exchange Commission for its courage and tenacity in pursuing these claims against the specialists and holding them accountable. We hope the SEC will go the next step - holding the exchange accountable for its failure to police its specialists. This step is vitally important to restore investor confidence in the NYSE.”