Section 404 of Sarbanes-Oxley legislation has a lot to answer for, if you ask John Thain. The chief executive of the New York Stock Exchange often decries the damage being done by the rule to the global competitive position of US based exchanges.
After years of lobbying against it and other parts of Sarbanes-Oxley, or Sox, by a host of senior equity markets representatives, Mr Thain recently said he was confident the most controversial – and in his opinion – damaging aspects of the legislation would soon be revised.
