It is equally inappropriate for the Wall Street Journal to disclose contents of the report at this early stage of an iterative inspection process. Disclosure now also compromises a confidential regulatory proceeding and damages the rights of the specialist firms and their personnel before any charges have been filed or any defenses offered. Moreover, by making confidential regulatory information public, the disclosure may chill future inspections; may compromise the NYSE's surveillance, investigative and enforcement processes; and may interfere with our Enforcement Division's ability to bring the specialist investigation to a timely and effective resolution that serves the public interest.
The Exchange is committed to effective regulation of the market and will take whatever steps are necessary to ensure investor confidence.
