Richard G. Ketchum To Assume Role As NYSE Chief Regulator Effective March 8

Richard G. Ketchum will start his duties as chief regulatory officer of the New York Stock Exchange on March 8. When he was named to the new post by the Exchange's board of directors on Jan. 8, the NYSE announced that he would start in June, because of a non-compete clause in his contract with Nasdaq, a previous employer, but Nasdaq has agreed to waive the clause.

"We're gratified that Rick can begin work promptly on creating an effective regulatory structure that builds on the strengths of our regulatory group. Our greatest priority is to have self-regulatory processes that assure investors and all market participants that they can rely on our vigilant market surveillance backed by rigorous enforcement of any breach of fair-trading rules," said Marshall N. Carter, chairman of the Regulatory Oversight & Regulatory Budget Committee of the Exchange's board of directors.

"Obviously, I'm looking forward to getting to work," said Mr. Ketchum. "We have ambitious goals for NYSE Regulation. It's important we do all we can to ensure integrity and protect the investing public."

Since June 2003, Mr. Ketchum has been general counsel of the Corporate and Investment Bank of Citigroup Inc., and a member of the unit's Planning Group, Business Practices Committee and Risk Management Committee. Prior to that, in 12 years at the NASD and Nasdaq, he had served as president of Nasdaq for three years and of NASD for seven years. Earlier he was at the SEC for 14 years, eight as director of the Division of Market Regulation.

Under the new independent governance structure approved and implemented last December, Mr. Ketchum and his group report to the Regulatory Oversight & Regulatory Budget Committee, a committee of the board of directors. All of the committee members are independent from the NYSE's management, membership and listed companies.

The NYSE is the SEC-designated examining authority for the major securities firms in the United States, including more than 250 member firms that deal with the public and account for more than 85 percent of customer accounts handled by broker-dealers. NYSE Regulation consists of three divisions: Member Firm Regulation, Market Surveillance and Enforcement divisions.