In 2000, Nasdaq demutualized and became a for-profit exchange. A few years later, in 2006, the NYSE followed a similar path and also became a for profit exchange. While technically still classified as SRO’s (self regulatory organizations), exchanges no longer perform many of their traditional regulatory roles. That role was taken over by FINRA in 2007 (the NASD and the member regulation, enforcement and arbitration functions of the New York Stock Exchange were consolidated into FINRA).
However, for some reason, exchanges are still afforded legal protections under their SRO status. And
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