FINRA Dispute Resolution

Dispute Resolution Statistics

Summary Arbitration Statistics April 2012

New Case Filings through April:

2010	2011	2012	2012 vs 2011
1,997	1,703	1,537	-10%

Number of Cases Closed through April:

2010	2011	2012	2012 vs 2011
1,949	2,102	1,800	-14%

Turnaround Time* (in months) through April:

	2010	2011	2012	2012 vs 2011
Overall	12.0	14.2	14.8	4%
Hearing Decisions	14.8	15.9	16.8	6%
Simplified Decisions	6.3	6.1	7.3	20%

* The timing of the arbitration process is heavily influenced by Code of Arbitration Procedures time limits, the parties, and the panel.

Summary Mediation Statistics April 2012

Mediation Cases in Agreement through April:

2010	2011	2012	2012 vs 2011
298	232	212	-9%

Mediation Cases Closed through April:

	2010	2011	2012	2012 vs 2011
Cases Closed	262	227	286	26%
Percent Settled	85%	84%	77%

Turnaround Time (in Days) through April:

2010	2011	2012	2012 vs 2011
88	104	115	11%

Arbitration Cases Filed

Year	Cases
1997	5,997
1998	4,938
1999	5,608
2000	5,558
2001	6,915
2002	7,704
2003	8,945
2004	8,201

Year	Cases
2005	6,074
2006	4,614
2007	3,238
2008	4,982
2009	7,137
2010	5,680
2011	4,729
Through April 2012	1,537

Yearly Volume Comparison Chart

Arbitration Cases Served by Controversy Involved

Type of Controversy*	2008	2009	2010	2011	April 2012
Margin Calls	64	128	83	80	17
Churning	212	306	270	236	81
Unauthorized Trading	248	478	397	288	98
Failure to Supervise	1,029	2,691	2,372	2,007	552
Negligence	1,602	3,405	2,698	2,249	664
Omission of Facts	1,201	2,453	1,941	1,603	488
Breach of Contract	1,658	2,802	2,184	1,904	539
Breach of Fiduciary Duty	2,836	4,206	3,162	2,589	773
Unsuitability	1,181	2,473	1,974	1,619	453
Misrepresentation	2,005	3,408	2,601	2,102	632
Online Trading	3	0	0	0	0

*Each case can be coded to contain multiple controversy types. Therefore the columns in this table cannot be totaled to determine the number of cases served in a year.

Security Types Involved in Arbitration Cases

Type of Security*	2008	2009	2010	2011	April 2012
Corporate Bonds	163	373	239	179	43
Certificates of Deposit	31	71	41	31	16
Mutual Funds	1,069	1,556	863	652	157
Options	149	275	161	161	48
Common Stock	773	1,367	862	838	250
Limited Partnerships	33	73	80	104	25
Annuities	236	300	208	172	47
Preferred Stock	115	481	232	197	40
Variable Annuities**	47	300	279	212	79
Derivative Securities**	801	607	228	54	4
Auction Rate Securities**	299	276	149	80	27

*Each case can be coded to contain multiple security types. Therefore the columns in this table cannot be totaled to determine the number of cases served in a year.
**Tracking of these statistics began on February 1, 2008.

Arbitration Cases Closed by Year

Year	Cases
1997	5,880
1998	5,484
1999	4,767
2000	5,473
2001	5,582
2002	5,957
2003	7,278
2004	9,209

Year	Cases
2005	9,043
2006	7,212
2007	5,345
2008	3,757
2009	4,571
2010	6,241
2011	6,099
Through April. 2012	1,800

How Arbitration Cases Close

Cases Decided by Arbitrators	2008	% of Cases	2009	% of Cases	2010	% of Cases	2011	% of Cases	April 2012	% of Cases
After Hearing	721	19%	839	18%	1,143	19%	1,065	18%	324	18%
After Review of Documents	176	5%	310	7%	258	4%	211	3%	58	3%
Total	897	24%	1,149	25%	1,401	23%	1,276	21%	382	22%

Cases Resolved by Other Means	2008	% of Cases	2009	% of Cases	2010	% of Cases	2011	% of Cases	April 2012	% of Cases
Direct Settlement by Parties	1,779	47%	2,170	47%	3,139	51%	2,998	50%	887	50%
Settled Via Mediation	384	10%	322	7%	590	10%	594	10%	182	10%
Withdrawn	421	11%	598	13%	621	10%	708	12%	149	8%
All Others*	279	7%	358	8%	377	6%	464	8%	160	9%
Total	2,863	76%	3,448	75%	4,727	77%	4,764	79%	1,378	78%

*All Other reasons for closed includes cases closed by: Stipulated Award, Bankruptcy of Critical Party; Uncured Deficient Claim; Forum Denied; Stayed by Court Action, etc. Note cases counted as closed in this report do not include those cases that closed and were then reopened.

Results of Customer Claimant Arbitration Award Cases

Year Decided	All Customer Claimant Cases Decided (Hearings & Paper)	Percentage Decided of All Customer Claimant Cases Closed	Percentage (and Number) of Cases Where Customer Awarded Damages*
2007	671	18%	37% (245 cases)
2008	474	20%	42% (199 cases)
2009	669	21%	45% (304 cases)
2010	882	20%	47% (415 cases)
2011**	670	16%	44% (297 cases)
2012	214	17%	49% (104 cases)

* Percentage of customer claimant award cases reflects only instances in which investors as claimants recovered monetary damages or non-monetary relief.

** In 2011, approximately 74 percent of customer claimant cases resulted, through settlements or awards, in monetary or non-monetary recovery for the investor.

Arbitrators by Type

This report lists all available arbitrators by Non-Public and Public Type.

Arbitrator Type	Total
Public	3,572
Non-Public	2,878
Total	6,450

Last Updated: 5/16/2012