Regarding TSO- It is irresponsible to allow trading over and above the TSO. This amounts to trading synthetic shares that do not exist and allows market makers to game the system. Not having accurate and timely TSO information and control in a market where brokers have the ability to perform thousands of trades per second is unacceptable and amounts to a failure in duty. On market makers who act as brokers and PFOF originators or in concert with; there has never been a more blatant conflict of interest than allowing a firm to act as market maker, broker, and hedge fund. It is the literary equivalent to allowing the fox to design, build, and staff the hen house, then paying the fox for their service on top. The fact that this is happening currently ie Citadel LLC, Citadel Connect (which somehow escapes FINRA regulations by being some vague entity outside jurisdiction?!!), and Citadel Technologies...is prove positive that our current regulations and enforcement have been asleep at the wheel. It is of utmost important that these and other issues are addressed and ENFORCED with the this opportunity. The alternative is massive disillusion of the free market concept and a country, if not world wide, abandonment of the market and loss of faith in the American Free market capitalism experiment.
For the Public
FINRA DATA
FINRA Data provides non-commercial use of data, specifically the ability to save data views and create and manage a Bond Watchlist.
For Industry Professionals
FINPRO
Registered representatives can fulfill Continuing Education requirements, view their industry CRD record and perform other compliance tasks.
For Member Firms
FINRA GATEWAY
Firm compliance professionals can access filings and requests, run reports and submit support tickets.
For Case Participants
DR PORTAL
Arbitration and mediation case participants and FINRA neutrals can view case information and submit documents through this Dispute Resolution Portal.
Need Help? | Check System Status
Log In to other FINRA systems
Jack OHerron Comment On Regulatory Notice 21-19
Regarding TSO- It is irresponsible to allow trading over and above the TSO. This amounts to trading synthetic shares that do not exist and allows market makers to game the system. Not having accurate and timely TSO information and control in a market where brokers have the ability to perform thousands of trades per second is unacceptable and amounts to a failure in duty. On market makers who act as brokers and PFOF originators or in concert with; there has never been a more blatant conflict of interest than allowing a firm to act as market maker, broker, and hedge fund. It is the literary equivalent to allowing the fox to design, build, and staff the hen house, then paying the fox for their service on top. The fact that this is happening currently ie Citadel LLC, Citadel Connect (which somehow escapes FINRA regulations by being some vague entity outside jurisdiction?!!), and Citadel Technologies...is prove positive that our current regulations and enforcement have been asleep at the wheel. It is of utmost important that these and other issues are addressed and ENFORCED with the this opportunity. The alternative is massive disillusion of the free market concept and a country, if not world wide, abandonment of the market and loss of faith in the American Free market capitalism experiment.