Regulatory Economics and Market Analysis (REMA)
The mission of Regulatory Economics and Market Analysis (REMA) is to elevate FINRA’s regulatory decisions through best-in class research and analysis. We analyze markets, participants and products to inform sound policy and advance FINRA’s mission.
REMA works closely with the Office of General Counsel (OGC) and other departments in assessing the economic implications of FINRA’s regulatory policies and programs. The Office also works collaboratively with FINRA’s Regulatory Operations (“RegOps”) teams to provide data, statistical and economic analyses to identify and estimate investor harm from rule violations, as well as identify and measure operational efficiencies in RegOps processes.
REMA works to achieve its objectives through a variety of activities:
- REMA gathers and analyzes data, develops new analytical approaches and methods and conducts research on registered persons, securities firms and the markets in which they operate to better understand the impacts of FINRA’s regulation.
- REMA cultivates relationships with researchers and other experts in academia and industry to enhance FINRA’s foundational knowledge. These collaborations may lead to special studies and reports, along with supporting the work of the Office.
- REMA works closely with OGC on FINRA’s retrospective rule review program.
REMA work product can be found in Regulatory Notices, surveys and in publications, including the Industry Snapshot, white papers and research working papers in academic and practitioner journals.
REMA Key External Work Products
Industry Snapshot
To increase public awareness and understanding about the broad range of FINRA-registered firms and individuals, FINRA publishes an annual snapshot of some of the key data we collect in the course of our work. REMA leads a cross-FINRA team to design, develop and create the annual Industry Snapshot.
The FINRA Industry Snapshot provides a high-level overview of FINRA membership, ranging from the number of FINRA-registered individuals to the overall revenues of firms, and from trading activity to how firms market their products and services. All the data are reported in aggregate to respect the confidentiality of regulatory information.
Research Notes
Publications
- The Roles of Broker-Dealers in Regulation D Offerings, 2013-2022, Minwen Li, Tanakorn Makaew and Lori Walsh, FINRA White Papers (2025)
- Transaction fees: Impact on institutional order types, commissions, and execution quality, Shawn M. O’Donoghue, Journal of Financial Markets, 60, 1–25 (09/2022)
- Institutional Order Handling and Broker-Affiliated Trading Venues Amber Anand, Mehrdad Samadi, Jonathan Sokobin, Kumar Venkataraman, Review of Financial Studies, Volume 34, Issue 7 (01/2021)
- Shorting in Broad Daylight: Short Sales and Venue Choice, Adam V. Reed, Mehrdad Samadi and Jonathan Sokobin, Journal of Financial and Quantitative Analysis, Volume 55, Issue 7, pp. 2246-2269 (11/2020)
- Alternative Trading Systems in the Corporate Bond Market, Matthew Kozora, Bruce Mizrach, Matthew Peppe, Or Shachar and Jonathan Sokobin, FRB of New York Staff Report No, 938, (08/2020)
- In the Eye of the Beholder: Regulatory versus Industry Risk Perception, Megan Burns, Dror Kenett and Jonathan Sokobin, Journal of Risk Management in Financial Institutions, Volume 13, Number 3, (05/2020)
Working Papers
- Retail Limit Orders (10/07/2024)
- The Selection of Claims in Securities Arbitration for Settlement: A Text-Based Analysis (12/2021)
- The Value of Off-Exchange Data (2021)
- How Lead-Lag Correlations Affect the Intraday Pattern of Collective Stock Dynamics (06/23/2019)
- Do Investors Have Valuable Information About Brokers? (08/2015)
REMA Reports
Media
Press Releases
- FINRA Publishes 2026 Industry Snapshot (06/01/26)
- New Members Appointed to FINRA Foundation Board; Jonathan Sokobin Named Chair (02/12/24)
- FINRA Issues Research on Securitized-Asset Liquidity (06/8/17)
Blogs
- Four Insights From FINRA's 2026 Industry Snapshot (06/01/2026)
- FINRA’s Remote Inspections Pilot Program Begins (07/24/2024)
- TRACE, Market Research and Policy Making (08/01/2022)