One regulatory body over all
Traders work the floor of the New York Stock Exchange June 8, 2006 in New York City.
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Scott Jagow: For a long time, the New York Stock Exchange and the NASDAQ have had separate regulatory oversight, but today, that changes. Jill Barshay has more.
Jill Barshay: The NYSE and the NASDAQ are still separate exchanges, but now their watchdogs are one. The Financial Industry Regulatory Authority is the new group responsible for overseeing the brokers who trade stocks and the investment banks that underwrite them.
Mary Shapiro is the CEO of FINRA. She says investors shouldn't worry that there will be less oversight of Wall Street.
Mary Shapiro: We're not laying off any staff. So we will have just as many eyeballs on Monday as we have on Friday.
Investors can now only go to one arbitration panel to resolve disputes. But Shapiro says she plans to give investors access to better information.
Shapiro: We'd like to be able to put fee and expense information and basic information about all mutual funds in one place free to the public.
Existing sites, like the NASD one for checking out your broker's record, can now be found at www.finra.org.
In New York, I'm Jill Barshay for Marketplace.