X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

May 19 (Bloomberg) — The Financial Industry Regulatory Authority, Wall Street’s self-regulator, is changing the design of a trading-surveillance system that has drawn opposition from brokers, Chief Executive Officer Rick Ketchum said in a speech.

Smaller brokers that don’t use clearing firms will have more flexibility to send trade and commission data directly or to use a service bureau, Ketchum said today at Finra’s annual conference in Washington. Trade information about products not held by clearing brokers, such as variable annuities and direct mutual funds, won’t have to be submitted in the early stages of the project, he said.

Dig Deeper

 

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.