Differentiation matters when it comes to representing the industry in the face of regulators after the 2008 financial crisis, says a new trade organization representing 15 regional brokerages.

The American Securities Association formed this week to represent 15 regional B-Ds, including Raymond James, Stifel and Baird, and speak out against undifferentiated regulation that the firms should be aimed at big Wall Street firms that caused the crisis, the ASA said.

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