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Securities Trade Groups Seek Merger

The Securities Industry Association and the Bond Market Association endorse a merger.
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The Bond Market Association and the Securities Industry Association say they want to merge.

The trade groups said Wednesday that their boards "voted endorsing the concept of merging the two associations into a new entity which will more effectively represent the member companies and the industry while enhancing the public's trust and confidence in the markets."

The association boards, based in New York and Washington, said they will vote on the merger by June 30, followed by a vote of the full membership.

"The combined organization is intended to meet the needs of the member financial services firms in their roles as broker dealers, investment advisers and asset managers, as well as representing the interests of private client and institutional investors," they said.