Chairman Cox Names Erik R. Sirri To Be the Commission's Next Director of the Division of Market Regulation
FOR IMMEDIATE RELEASE
Washington, D.C., Aug. 14, 2006 - Chairman Christopher Cox announced today that distinguished economist Erik R. Sirri, an expert in securities market structure, will join the Securities and Exchange Commission as its next Director of the Division of Market Regulation.
"Erik brings to the SEC an exceptional insight into the future of securities exchanges, which has been a major focus of his work, and which will be indispensable in safeguarding the interests of investors as capital markets around the globe rapidly converge," Chairman Cox said. "His mission-to maintain the integrity and strength of our markets in an era of unprecedented global competition-could not be more challenging. Erik's combination of experience, intellect, and judgment make him exceptionally qualified to meet this challenge. With his help, we will ensure that America's markets remain the gold standard, and that investors' interests remain paramount in a world marked by accelerating market innovation, exponentially faster technology, and cross-border convergence of securities exchanges."
"I look forward to returning to the Commission at this formative time in the development of our global capital markets," Dr. Sirri said. "The pace at which our capital markets are changing requires that the Commission be especially vigilant in ensuring that our legal and regulatory system keeps abreast, and that we remain sensitive to the needs of investors and issuers while being responsive to the opportunities presented by technological advances. This is a serious and welcome responsibility-and I consider it a great honor to meet it as a member of the Division's exceptionally professional and talented staff."
Dr. Sirri, a Professor of Finance at Babson College, is currently a visiting scholar at Harvard Law School. He served as Chief Economist for the Securities and Exchange Commission from 1996 to 1999. His areas of expertise include the interaction of securities law and finance, the design and performance of securities exchanges, and market microstructure. From 1989 until 1995, he served on the faculty of the Harvard Business School. He has published articles in prestigious academic journals on topics that include the future of securities exchanges, strategies for submitting orders to exchanges, corporate bond trading, execution cost biases, the practice of preferencing of equity exchanges, and insider trading.
Dr. Sirri is widely recognized for his knowledge of finance, and in particular his insight into the structure of securities markets. In addition to his academic work in these areas, his professional experience includes service as a member of the NASDAQ Stock Market Economic Advisory Board; as a Board Member of the Boston Options Exchange (Regulation); and as a Governor of the Boston Stock Exchange. As Director of the Division of Market Regulation, he will be responsible for the regulation of broker-dealer firms, the stock exchanges, the National Association of Securities Dealers (NASD), the Municipal Securities Rulemaking Board (MSRB), and clearing and settlement agencies.
Dr. Sirri also brings to the Commission considerable experience with the mutual fund industry. As Chief Economist of the SEC in the 1990s, he was a driving force behind the Commission's development of an Internet tool to help investors see how much of their mutual fund investment is consumed by fees. He has published studies on flows of money into and out of mutual funds, on corporate disclosure, and on conflicts of interest at investment banks.
Dr. Sirri holds a Ph.D. in Finance from the University of California, Los Angeles; an M.B.A. from the University of California, Irvine; and a B.S. in Astronomy from the California Institute of Technology. Prior to his career in finance and economics, Dr. Sirri worked for several years on planetary astronomy missions for NASA and on space surveillance sensors in the aerospace industry as a research scientist at Nichols Research Corporation.
Dr. Sirri will start at the Commission on September 12.