The New York Stock Exchange and NASD have finally bowed to pressure to streamline oversight in the securities industry by merging their regulatory arms into a single operation - a move that will save market participants tens of millions of dollars.

The securities industry has been subject to two separate self-regulatory agencies in addition to the Securities and Exchange Commission and state securities regulators. The new combined organisation will cut down on paperwork, strengthen oversight of trading across markets, mitigate conflicts and reduce costs.