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BOCA RATON, Fla. (AP) - The National Association of Securities Dealers endorsed a regulatory "partnership" with the New York Stock Exchange, as the two Wall Street regulators seek ways to lower costs and reduce duplication in policing.
Such a move could mean more than $100 million in total yearly savings for securities firms that now deal separately with the NYSE and the NASD, said NASD Chairman Robert Glauber, in a speech here Friday at the Securities Industry Association's annual conference.
Separately, Glauber said he agreed with Nasdaq Stock Market Inc. Chief Executive Robert Greifeld that the NASD will likely shed its ownership stake in Nasdaq soon after Nasdaq receives stock-exchange status from the Securities and Exchange Commission.
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