This enforcement action again demonstrates that the number of violations that occur when there is a technology failure relating to trade reporting is astronomical. This means that FINRA's guidance as to the appropriate level of fines is meaningless, since, under the guidelines, even the largest firms could be hit with fine amounts that would be devastating.

A Cadwalader memorandum on the SEC's proposed Regulation Best Interest was titled "." A major point (or argument) of the memorandum is that it is not possible to have both. To paraphrase, if a broker-dealer can not make any recommendation to a client without taking on a fiduciary obligation to that client, then the economics of being a full service broker-dealer (providing recommendations but just get paid for executing trades) just doesn't seem to work.

When NASAA declares that…

There would seem to be a number of significant differences between the positions of current CFTC Chair Giancarlo and Dr. Tarbert, most notably with respect to Regulation AT. See also

Ownership of market data, and the rights to profit by the sale of market data, are important drivers of profitability in the securities industry. Should quote and trade execution data belong to (i) the market on which a transaction was quoted or executed, (ii) the broker through which the order or trade was generated, (iii) the market participant(s) who originated the order or execution, or (iv) the public? Even once the question of ownership is determined, further questions arise as…