FINRA Chair and CEO Richard Ketchum to Retire

FINRA Chair and CEO Richard Ketchum announced his plan to retire in the second half of 2016. FINRA noted that Mr. Ketchum has been one of the foremost industry regulators for more than three decades, which included his tenures as CEO of NYSE Regulation, president of NASD and The Nasdaq Stock Market, Inc. and the director of the SEC’s division of Market Regulation.

Mr. Ketchum reflected that FINRA’s “accomplishments are founded on a commitment to excellence in our core competencies: examinations, enforcement, rulemaking, market transparency and market surveillance.”

In a public statement, SEC Chair Mary Jo White remarked that Mr. Ketchum “is rightly recognized as a strong regulator who combines brilliance with a deep knowledge of our markets” and “worked tirelessly to protect and educate investors while also improving the integrity of the markets.”

SIFMA President and CEO Kenneth E. Bentsen, Jr. stated that Mr. Ketchum “had a distinguished career as a regulator and practitioner who has been at the forefront of every major milestone in the evolution of the U.S. securities markets over the last 40 years.”

Lofchie Comment: Mr. Ketchum’s retirement is a significant loss to the financial markets. He brought a tremendous depth of real-world experience to the job of market regulation, and was consistently open to hearing opposing viewpoints.