NYSE Regulation is continuing to work on a set of electronic communications best practices. The New York Stock Exchange last year formed a 20-member Electronic Communications Task Force to develop a set of best practices and possibly some rule changes for electronic communications (CR, 6/6/05). The task force is headed by Grace Vogel, executive v.p. of member firm regulation at NYSE Regulation, and is made up of NYSE and NASD representatives, compliance officers, and lawyers. The task force was formed to address concerns over how to properly supervise and retain electronic communications, including instant messaging, chat room use, and pin-to-pin messaging. The guidance will also focus on identifying new electronic communications technology.
Firms are eagerly awaiting guidance. “We are waiting for some sort of word from them,” said a compliance director at a large broker/dealer in New York. A NYSE Regulation spokesman declined to comment on when the guidance would be issued.