News Release

NASD Statement on the Importance of Transparency in America's Debt Market

Washington, DC—Frank G. Zarb, Chairman and Chief Executive Officer of the National Association of Securities Dealers, Inc. (NASD®), today released the following statement in response to remarks made this morning by Securities and Exchange Commission (SEC) Chairman Arthur Levitt on the importance of transparency in America’s debt market.

"The NASD supports Chairman Levitt’s call to enhance the price transparency, surveillance oversight, and comparison efficiency of the U.S. corporate bond market. We will work closely with the SEC and the participants in that market to evaluate the most effective system and regulatory response to Chairman Levitt’s proposals that operate to the benefit of investors and all market participants," said Zarb.

The NASD is the largest securities-industry self-regulatory organization in the United States. Through its subsidiaries, NASD Regulation, Inc., and The Nasdaq Stock Market, Inc., the NASD develops rules and regulations; provides a dispute resolution forum; conducts regulatory reviews of members’ activities; and designs, operates, and regulates securities markets all for the benefit and protection of investors.