News Release

NASD Convenes Panel to Discuss Challenges Facing Corporate Debt Market

Washington, D.C.—NASD announced today it has formed a panel of industry experts and investor advocates to assess the challenges facing the corporate debt market and make recommendations for possible improvements. The panel will be chaired by Jack Brennan, Chairman and CEO of The Vanguard Group and a member of NASD's Board of Governors.

"NASD is convening this panel to gather input from this distinguished group of market professionals about the current and future challenges facing the U.S. corporate debt market," said NASD CEO and chairman Robert R. Glauber. "I look forward to seeing their recommendations."

In addition to Brennan, Doug Shulman, NASD's President in charge of markets and regulatory services, will be the Vice Chairman of the panel. Brennan and Shulman are joined on the panel by Torry Berntsen, President of BNY Capital Markets, Inc.; Craig Hoogstra, Manager-Financial Products at AARP Services, Inc.; A. James Jacoby, Executive Vice President at Tradition-Asiel Securities Inc.; Raymond G. Kennedy, Managing Director at PIMCO LLC; John Ladensack, Executive Vice President and General Manager of Fixed Income Trading at The Charles Schwab Corporation; Herbert H. McDade, III, Managing Director and Head of Fixed Income Division at Lehman Brothers Inc.; Mary Miller, Vice President & Assistant Director - Fixed Income at T. Rowe Price; Maureen O'Hara, Robert W. Purcell Professor of Finance at Cornell University's S.C. Johnson Graduate School of Management; Robert Owens, First Vice President & Head of Taxable Trading at Crews & Associates Inc.; and Joseph A. Sullivan, Executive Vice President and Director of Fixed Income Group at Legg Mason Wood Walker, Inc.

NASD is the leading private-sector provider of financial regulatory services, dedicated to investor protection and market integrity through effective and efficient regulation and complementary compliance and technology-based services. NASD touches virtually every aspect of the securities business-from registering and educating all industry participants, to examining securities firms, enforcing both NASD rules and the federal securities laws, and administering the largest dispute resolution forum for investors and securities firms. For more information, please visit our Web site at