Schapiro to Head the NASD

A changing of the guard is in the works at the

NASD

, the brokerage industry's main self-regulatory organization.

The NASD announced Thursday that at year's end, Mary Schapiro, a highly regarded securities regulator, will replace Robert Glauber as the organization's CEO. Schapiro currently is the NASD's vice chairman and president of regulatory policy.

Over the years, Schapiro often has been mentioned as potential candidate for the top job at the

Securities and Exchange Commission

.

"Mary is a highly respected and effective regulator who has proven herself time and again to be a strong investor advocate,'' said Richard Brueckner, presiding governor of the NASD's board and the CEO of Pershing, the clearing division of the

Bank of New York

(BK) - Get Report

.