Shearman & Sterling is representing the Financial Industry Regulatory Authority (FINRA) in its agreement with NYSE Euronext to assume responsibility for performing the market surveillance and enforcement functions currently conducted by NYSE Regulation. The agreement is subject to review by the Securities and Exchange Commission.

Under the agreement, FINRA would assume regulatory functions for NYSE Euronext's U.S. equities and options markets—the New York Stock Exchange, NYSE Arca and NYSE Amex. FINRA currently provides regulatory services to the NASDAQ Stock Market, NASDAQ Options Market, NASDAQ OMX Philadelphia, NASDAQ OMX Boston, The BATS Exchange and The International Securities Exchange.

FINRA is the largest non-governmental regulator for all securities firms doing business in the United States. NYSE Euronext is a leading global operator of financial markets and provider of innovative trading technologies.

The Shearman & Sterling team included partner Samuel Waxman (New York-Mergers & Acquisitions/Intellectual Property Transactions), counsel John Morrison (New York-Executive Compensation & Employee Benefits) and associate Nathan Sawyer (New York-Mergers & Acquisitions).