Ms. Merrill, 47, succeeds the recently retired David P. Doherty as director of Enforcement. The Enforcement division is responsible for investigating and prosecuting violations of federal securities laws and NYSE rules by its member broker-dealers. Ms. Merrill joins the Exchange from the law firm of Davis Polk & Wardwell, where she has been a distinguished leader of the securities-enforcement bar.
Mr. Marchman, 46, has been a vice president in Enforcement since 1994. Most recently he has been a leader in the NYSE’s enforcement actions concerning research analysts and specialists. With his promotion, he will continue to be responsible for coordinating and directing investigations and litigations, and contributing to Enforcement policies and procedures. Additionally, he will be responsible for the units conducting investigations of potential violations by specialists and floor brokers.
“These appointments are critical additions to our senior team and will contribute to our continuing efforts to strengthen further the Exchange’s enforcement function,” said Mr. Ketchum. “Susan Merrill brings high levels of skill, energy and judgment, has excellent qualifications to succeed Dave Doherty, and will lead the Enforcement division to even higher levels of achievement. Robert Marchman’s promotion has been well earned by his outstanding performance in Enforcement, and will contribute to effective coordination of our trading-floor investigation process. The NYSE is fortunate to have these exceptional individuals as leaders in executing our regulatory responsibilities.”
“It is a privilege to have the opportunity to lead the Division of Enforcement at this critical time in the Exchange’s history,” Ms. Merrill said. “I look forward to working with Rick Ketchum, Robert Marchman and the entire Enforcement team to achieve our goals of protecting investors and ensuring the integrity of the marketplace.”
“I am honored by the promotion and view it as a recognition of the quality and professionalism of the work our Enforcement team,” Mr. Marchman said. “I am eager to continue furthering this important work under Susan’s leadership.”
Background: Susan L. Merrill
Ms. Merrill is a litigation partner at Davis Polk & Wardwell. She has represented leading broker-dealers, investment advisers, and Fortune 500 companies in investigations and contested matters before the Securities and Exchange Commission, the NYSE and the National Association of Securities Dealers. In addition, she has conducted internal investigations and consulted on regulatory compliance matters.
Ms. Merrill’s recent securities enforcement matters include representing clients in SEC, Department of Justice and Congressional investigations of insider trading; the multi-jurisdictional investigations concerning research analysts; and the SEC-NYSE investigation into trading by specialists. She has also represented other securities exchanges on a variety of matters. (Consistent with best practice, Ms. Merrill will recuse herself for one year on any matter involving Davis Polk’s clients, and permanently on matters in which she was personally involved.)
Ms. Merrill joined Davis Polk in 1987 and became a partner in 1994. She graduated cum laude from the University of Maryland in 1979 and received her J.D., summa cum laude, from Brooklyn Law School in 1986, where she was executive articles editor of the Law Review and the recipient of the William Payson Richardson Scholarship. She clerked for the Honorable Francis L. Van Dusen, U.S. Court of Appeals, Third Circuit, from 1986 to 1987.
Background: Robert A. Marchman
A former branch chief in the SEC’s Division of Enforcement in Washington, D.C., Mr. Marchman joined the NYSE's Enforcement division in 1989 as an enforcement director. He later was promoted to managing director, and then was appointed a vice president in February 1994.
A magna cum laude graduate of Allegheny College, where he was inducted into Phi Beta Kappa, Mr. Marchman received his J.D. from the University of Pennsylvania. In 2000, Mr. Marchman completed Harvard Business School’s Program for Management Development. Since 1999 he has chaired the NYSE’s Diversity Council, an advisory group that counsels management on diversity-management issues.
Background: NYSE Regulation
The New York Stock Exchange is the designated examining authority for the major securities firms in the U.S., including approximately 250 member firms that deal with the public and account for more than 85 percent of the public customer accounts handled by broker-dealers. These firms service 93 million customer accounts, operate from more than 21,000 branch offices around the world and employ approximately 157,000 registered personnel. The NYSE is committed to strong and effective regulation of its member firms to protect investors, the health of the financial system, and the integrity of the capital-formation process.
