Listen to a Business English Dialogue About National association of securities dealers
Morgan: Hey Amelia, have you heard about the National Association of Securities Dealers?
Amelia: No, I haven’t. What is it?
Morgan: The National Association of Securities Dealers, or NASD, was a self-regulatory organization responsible for overseeing the securities industry and regulating the activities of brokerage firms and stock exchanges.
Amelia: Oh, I see. So, it played a role in maintaining fair and orderly markets for investors?
Morgan: Yes, exactly. It was later merged with the regulatory functions of the New York Stock Exchange to form the Financial Industry Regulatory Authority (FINRA).
Amelia: Are there any specific responsibilities of the NASD that you know of?
Morgan: Yes, one of its main responsibilities was to enforce rules and regulations related to the conduct of brokerage firms and their employees, as well as the trading of securities.
Amelia: I understand. So, it helped ensure transparency and integrity in the securities industry?
Morgan: Yes, that was the goal. By setting and enforcing standards of conduct, the NASD aimed to protect investors and maintain confidence in the markets.
Amelia: Did the NASD have any other functions besides regulation?
Morgan: Yes, it also provided education and training for industry professionals, as well as dispute resolution services for investors and firms.
Amelia: I see. So, it played a multifaceted role in promoting fair and efficient capital markets?
Morgan: Exactly. It was an important institution in the securities industry for many years before its merger with FINRA.
Amelia: Thanks for explaining, Morgan.
Morgan: No problem, Amelia. The NASD played a crucial role in maintaining the integrity of the securities markets.
