The Financial Industry Regulatory Authority announced yesterday that it has appointed Richard Ketchum as its chief executive officer and the successor to Mary Schapiro who left the self-regulator to head the Securities and Exchange Commission last month.
It was widely reported last week that Ketchum would take the job. He is currently CEO of New York Stock Exchange Regulation as well as FINRA's chairman and helped consolidate major portions of NYSE Regulation into FINRA two years ago.
Ketchum is expected to assume his new post on March 16.
Steve Luparello, currently FINRA's interim CEO, will become vice chairman and will continue to oversee FINRA's regulatory operations.
From June 2003 to March 2004, Ketchum was general counsel of the Corporate and Investment Bank of Citigroup Inc. Earlier in his career, he spent 12 years at NASD and Nasdaq Stock Market Inc., where he served as president of both organizations. He also spent 14 years at the SEC, eight as director of its market regulation division, now known as trading and markets. He graduated from Tufts University in 1972 and received his law degree from New York University in 1975.
FINRA is responsible for the regulatory oversight of about 4,900 securities firms and 663,000 registered representatives. It also enforces the Municipal Securities Rulemaking Board's rules for municipal broker-dealers.
