The Securities Industry Association welcomed a new chairman today, Allen Morgan Jr., chairman and chief executive officer of Morgan Keegan & Co. Inc.

In his inaugural speech, Morgan called on the industry to continue its focus on serving the needs of investors as it faces the challenges of a cyclical economic downturn and the repercussions of September 11. Speaking at SIA’s annual meeting today, he also outlined his agenda for the year he will serve as the head of the industry trade group.

“More than ever, investors turn to us to help them make sense of the barrage of information they receive daily from the Internet, the financial media, and their neighbors. Many of them are seeing negative returns in their 401(k) accounts for the first time and need guidance.”

Key to the SIA agenda will be the continuation of work on initiatives such as the move to straight-through processing and the eventual condensing of the clearing and settlement cycle from three days to one day. Morgan also called on the industry to continue its work with legislators and regulators to enhance the industry’s anti-money laundering procedures. “We will not tolerate the use of our capital markets to help finance terrorist operations or any other illegal activities,” he said.

Morgan also pledged that the SIA will continue its work with the World Trade Organization to press for a new round of financial services talks to open capital markets. SIA will continue to focus on achieving greater transparency in the way that foreign countries enact and enforce securities laws across borders, and the harmonization of regulations across borders.

He encouraged the industry to support SIA’s legislative agenda, including the reduction of fees imposed on securities transactions and pay parity for Securities and Exchange Commission employees, and support for the Gramm-Leach-Bliley privacy provisions.

Morgan cited increasing the percentage of women and minorities among the workforce and customer base as a personal goal for him. “The work all our member-firms have done, and the initiatives mentioned in the survey, are encouraging, and a commendable start to the job we have ahead of us,” Morgan said.

He also announced the formation of the SIA Business Continuity Planning Committee. The committee, which will report directly to the board of directors, will provide the industry with a forum to share specific plans and business continuity information, and act as a liaison between the securities industry and government legislators, regulators, and service providers, as well as related industries.