The Consolidated Audit Trail (CAT) topic of the 2025 FINRA Annual Regulatory Oversight Report (the Report) informs member firms’ compliance programs by providing annual insights from FINRA’s ongoing regulatory operations, including (1) regulatory obligations, (2) findings and effective practices, and (3) additional resources.
INFORMATIONAL
Primex Auction System
SUGGESTED ROUTING
KEY TOPICS
Legal & Compliance
Operations
Senior Management
Technology
Trading & Market Making
Trading Systems
Executive Summary
The National Association of Securities Dealers, Inc. (NASD®) and Nasdaq® Boards have agreed to establish the Primex Auction SystemTM, a new trading system designed to
As previously announced on March 22, 2024 in a FINRA Trade Reporting Notice, FINRA is planning to implement enhancements to the FINRA equity trade reporting facilities to support the reporting of fractional share quantities. The enhancements require associated updates to FINRA’s trade reporting guidance, as described in greater detail in the Trade Reporting Notice. These enhancements are being
As previously announced, FINRA is introducing changes to the current Trade Data Dissemination Service (TDDS 2.0). protocol and structure.1 These changes are being made in concert with FINRA’s technical infrastructure upgrade, and TDDS clients must accommodate them by December 5, 2022; as of that date the current TDDS 2.0 version will no longer be supported. FINRA is offering testing for
I believe that the complexity of Leveraged ETFs is correctly matched with the current required notice and acknowledgement. Further restrictions on these products are very likely to be unfair to everyday Americans. Retail investors can and should be able to choose the level of risk and volatility that matches their investment knowledge and interest without needing to be already experienced or
FINRA Rule 5210 (Publication of Transactions and Quotations) prohibits member firms from publishing or circulating, or causing to be published or circulated, any communication which purports to report any transaction as a purchase or sale of any security unless such member believes that such transaction was a bona fide purchase or sale of such security. Firms may, on a discretionary basis, communicate or advertise their trading activity to the market through one or more service providers that disseminate that information to subscribers and the market. Firms that do so must ensure that such information is truthful, accurate and not misleading, consistent with the requirements of Rule 5210.
The Series 57 exam — the Securities Trader Representative Exam — assesses the competency of an entry-level registered representative to perform their job as a securities trader representative.
SUGGESTED ROUTING
Senior Management
Internal Audit
Legal & Compliance
Operations
Options
Executive Summary
Effective April 1, 1998, the Board of Governors (Board) of the Federal Reserve System (FED) adopted several amendments to Regulation (Reg) T, as well as Regs U and X. In
OATS Basics PresentationFor information, please refer to our Order Audit Trail System (OATS)
OATS Phase III Road Show Presentation - OATS Basics
(PDF 134 KB).NASD Notice to Members06-15 SEC Approves Expansion of NASD's Exemptive Authority under the OATS Rules; NASD Provides Additional Guidance Regarding Exemptive Relief and Encourages Exempted and Other Small
TO: NASD Members and NASDAQ Level 2 and Level 3 Subscribers
Listed below are the 25 NASDAQ National Market System (NASDAQ/NMS) securities which have been selected as the first group of issues to trade in the Small Order Execution System (SOES) developed and operated by NASD Market Services, Inc. In SOES, agency orders of 500 shares or less received from public customers may be executed
