While the big brokerage firms have been clamoring for years for a single SRO, the case is a bit murkier for smaller firms. At issue: the hallowed one-firm, one-vote rule that has benefited smaller broker-dealers. The fear is that the rule would be scotched by the combined SRO in favor of a director election process that might give more weight to the big boys. Smaller firms have historically used the rule to pack the board with people with a mindset friendly to small firms. The Financial Industry Association, which represents small firms, seems to be making this a priority. NASD chief executive Mary Schapiro has informed the membership that she intends to ensure that firms of all sizes are represented on the board. In fact, she said there will be more small-firm directors on the new board. The details will tell the full story.

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