finra

FINRA

For Release:
Contacts:
Tuesday, February 24, 2009
Nancy Condon (202) 728-8379
Herb Perone (202) 728-8464

 

 

Richard G. Ketchum Named FINRA's Chief Executive Officer

Washington, DC — The Board of Governors of the Financial Industry Regulatory Authority (FINRA) today announced that Richard G. (Rick) Ketchum has been appointed FINRA's Chief Executive Officer. Ketchum currently serves as CEO of New York Stock Exchange (NYSE) Regulation and as Chairman of FINRA's Board of Governors, a position he has had since FINRA was created in 2007 through the consolidation of NASD and the member regulation, enforcement and arbitration operations of NYSE Regulation. He will continue in his role as FINRA's Chairman.

 

Ketchum, who will start as FINRA's CEO on March 16, replaces Mary L. Schapiro, who resigned her position as FINRA's CEO on January 23 after her confirmation as Chairman of the Securities and Exchange Commission (SEC). The Board also announced that Steve Luparello, currently FINRA's Interim CEO, will become Vice Chairman and continue to oversee FINRA's regulatory operations.

 

"I am honored by the Board's decision to place its trust in me at this critical time," Ketchum said. "Restoring confidence among investors in our financial markets and in our regulatory system has never been more urgent.

 

"Protecting investors is FINRA's singular mission. As head of FINRA, I will leverage our staff and expertise in the fight against fraud and manipulation in the marketplace," he continued. "FINRA's enforcement and examination divisions will have the tools and support required to track down and punish any broker, or any firm, who harms investors. We will not rest until investors once again feel confident placing their money in a marketplace they can trust.

 

"I also want to thank Steve Luparello for his service as Interim CEO. His promotion to Vice Chairman is in recognition of the expertise he has long brought to FINRA and the critical role he will play going forward."

 

FINRA is responsible for the regulatory oversight of about 4,900 securities firms and 663,000 registered representatives. It is responsible for rule writing, firm examination, enforcement and arbitration functions. FINRA also regulates market operations of NASDAQ and other markets under long-term contractual agreements.

 

Ketchum has had a long and distinguished career as a securities industry regulator, having served in a wide range of capacities at the NYSE, NASD and the SEC. Prior to becoming CEO of NYSE Regulation, he served as the first chief regulatory officer of the New York Stock Exchange, a position he began in 2004. Ketchum is credited with establishing the independence and effectiveness of the NYSE regulatory unit.

 

Ketchum was also one of the lead architects of the consolidation of NASD and major portions of NYSE Regulation into FINRA.

 

From June 2003 to March 2004, Mr. Ketchum was 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.

 

Earlier in his career, Ketchum spent 12 years at NASD and The Nasdaq Stock Market, Inc., where he served as president of both organizations. He also spent 14 years at the SEC, eight of those as director of the division of Market Regulation.

 

Ketchum is a 1972 graduate of Tufts University and earned his Juris Doctor degree from New York University School of Law in 1975. He is a member of the bar in both New York and the District of Columbia.

 

He also serves on the Board of Directors of Appleseed, a non-profit network of 16 public interest justice centers in the United States and Mexico dedicated to advancing the rule of law, promoting effective government and creating opportunities for individuals' economic advancement.

 

FINRA, the Financial Industry Regulatory Authority, is the largest independent regulator for all securities firms doing business in the United States. FINRA is dedicated to investor protection and market integrity through comprehensive regulation. FINRA touches virtually every aspect of the securities business—from registering and educating all industry participants to examining securities firms; writing and enforcing rules and the federal securities laws; informing and educating the investing public; providing trade reporting and other industry utilities; and administering the largest dispute resolution forum for investors and firms.

 

For more information, please visit our Web site at www.finra.org.