As part of its ongoing efforts to clean up operations in the wake of the Richard Grasso compensation scandal, the New York Stock Exchange is expected to hire its first chief regulatory officer.
Richard Ketchum, general counsel of Citigroup Inc.'s investment bank, is widely expected be approved for the position he accepted Monday since he already enjoys the support of the Exchange's board of directors and soon-to-be chief executive John Thain.
The full board is expected to meet today to formally approve the appointment and make a public announcement.
Ketchum will oversee market surveillance, enforcement, arbitration and regulatory issues at the exchange. There may be a delay in his start date since he signed a noncompete agreement with his former employer, the Nasdaq Stock Exchange, which could push his NYSE start date to June 1, Reuters reported.
At its meeting this week, the board also is expected to discuss how to react to an internal report that concludes former NYSE Chairman Richard Grasso inappropriately received about $150 million in compensation between 1995 and 2003, Reuters reported. A formal investigation is said to begin soon.