Though the recent cooperation agreement signed by the Securities and Exchange Commission and Commodity Futures Trading Commission will help build a "closer working relationship," according to the regulators, some are calling it a first step. A merger proposal from the Treasury Department could be imminent.
Treasury is expected to soon release a blueprint for bringing the securities industry's regulatory structure up to date. Robert Steel, Treasury undersecretary for domestic finance, on Feb. 7 told the New York Society of Security Analysts that the agency will propose a "newly designed model" for the financial services industry, incorporating "wholesale changes."
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