Ten American exchanges have agreed to give two market watchdogs more power to ferret out insider trading regardless of where it occurs in the United States, regulators said Wednesday.
Under the proposal, the exchanges will give NYSE Regulation, which oversees the New York Stock Exchange, and the Financial Industry Regulatory Authority, which is known as Finra and is responsible for Nasdaq, the responsibility for detecting illegal trading.
The move aims to improve the surveillance, investigation and enforcement of fraudulent trading in equities securities.
Each exchange is now responsible for monitoring trading on its market as well as any investigations and enforcement actions.
The deal between NYSE Regulation, Finra and the exchanges is subject to approval from the Securities and Exchange Commission, and has been submitted to the S.E.C.
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