April 15, 2007
Dear Madam/Sir:
I am writing my comments in support of the NASD/NYSE proposed merger. The increased efficiencies alone should be obviously apparent. Improved regulatory effectiveness will be direct result of this merger. The Securities industry members get an increased representation on the new SRO board. Small firms, of which I'm one, will increase their board representation to three seats from the current one seat. The monetary benefits from this proposed merger will mean that about 2000 members out of approximately 5100 members will not have to pay an annual assessment ever again, if they invest their rebates wisely. Some would have you believe that are votes were bought. Others would have you believe that we have given up our voting rights. I sat no to both assertions. The membership retains a vote on any future changes in the by-laws. The monetary aspect of this proposed merger is simply a return of monies to the members for increased efficiency. Lastly I think the membership vote on this proposed merger should be ratified by the SEC at its earliest convenience. The majority of the members, as was required by the current by-laws, HAS SPOKEN. So lets move on to a more efficient and effective SRO.
E. John Moloney
President & CEO
Moloney Securities Co., Inc.