Matters Financial

22 December 2003


NYSE Reforms Undermined by Thain Appointment as CEO
The New York Stock Exchange is trying to put its house in order. For a private company with serious public responsibilities, this is not easy. It might be less difficult if someone would explain to the rich and foolish that changing institutional structures doesn't matter much if the same faces are making the decisions that matter. The appointment of John Thain, who is president of Goldman Sachs, as the NYSE's new CEO undermines the steps the exchange has made in changing the way it operates. Click here to read more.

Canadian Securities Commission May Be Established
It is hard to believe, but Canada is considering a national regulatory body to cover the securities industry. While the rest of the world has handled these issues at the national level since shortly after the Flood, Canada has made due with a more decentralized approach, creating a nightmare for companies, investors, and ultimately, for Canadians. The proposed Canadian Securities Commission may not bring Canada into the 21st century in financial regulation, but it will help propel it into the latter half of the 20th. Click here to read more.

US Signs Free-Trade Deal with Central American Republics
The Bush administration's dream of a free trade zone extending from Alaska to Tierra del Fuego took a huge step closer to reality last week when it signed a trade deal with four Central American nations. The Central American Free Trade Association, CAFTA, will add Guatemala, Honduras, Nicaragua and El Salvador to the list of countries with which the US is ending trade restrictions. What is missing is an adjustment policy. Click here for our view.