SEC chief Schapiro to step down

Mary Schapiro will step down as head of the US Securities and Exchange Commission (SEC) next month in the first major change in Barack Obama's financial team since he won a second term as President.

The SEC Commissioner, Elisse Walter, will succeed Ms Schapiro, who presided over the regulator as it tried to rebuild its credibility after failing to stamp down on practices which resulted in the financial crisis.

Taking over in 2009, she led the SEC as it stepped up enforcement actions against market abusers.