(a) List Selection Algorithm
FINRA uses a list selection algorithm that generates, on a random basis, lists of arbitrators from FINRA's rosters of arbitrators for the selected hearing location for each proceeding. The parties will select their panel through a process of striking and ranking the arbitrators on lists generated by the list selection algorithm.
(b) Arbitrator Rosters
FINRA maintains the following roster of arbitrators:
(1) A roster of non-public arbitrators as defined in
Rule 13100(
r);
(2) A roster of public arbitrators as defined in
Rule 13100(
x); and
(3) A roster of arbitrators who are eligible to serve as chairperson of a panel as described in paragraph (c). Arbitrators who are eligible to serve as chairperson will also be included in the roster of non-public or public arbitrators, depending on composition of the panel under
Rule 13402, but will only appear on one list in a case.
(c) Eligibility for Chairperson Roster
Arbitrators are eligible to serve as chairperson of panels submitted for arbitration under the Code if they have completed chairperson training provided by FINRA and:
(1) Have a law degree and are a member of a bar of at least one jurisdiction and have served as an arbitrator through award on at least one arbitration administered by a self-regulatory organization in which hearings were held; or
(2) Have served as an arbitrator through award on at least three arbitrations administered by a self-regulatory organization in which hearings were held.
