FINRA announced today that it has sanctioned four firms—M1 Finance LLC, Open to the Public Investing, Inc., SoFi Securities LLC, and SogoTrade, Inc.—a combined $2.6 million, including over $1 million in restitution to retail customers enrolled in fully paid securities lending programs and fines of $1.6 million for the firms’ related supervisory and advertising violations.
SEC Regulation Best Interest sets forth the standard of conduct broker-dealers must provide to their retail customers when they make recommendations of securities or investment strategies involving securities. Form CRS is a relationship summary disclosure that broker-dealers and SEC-registered investment advisers must provide retail investors.
FINRA has delayed the implementation of the bandwidth increase rate for the Trade Data Dissemination Service 2.1 (TDDS 2.1) vendor feed. The bandwidth is scheduled to increase from 2,500 kilobits per second (Kbps) to 3,000 kilobits per second (Kbps).
The original date for this implementation was July 24, 2023. FINRA has also cancelled the June 10, 2023 User Acceptance Test. FINRA will issue new
In accordance with the industry-led initiative to shorten the settlement cycle from two business days (T+2) to one business day (T+1), FINRA will sponsor two production User Acceptance Tests (UAT) to allow clients to test the changes for T+1 Settlement for the Over-The-Counter Reporting Facility (ORF) and the Alternative Display Facility (ADF). These tests will occur on Saturday, May 4, 2024, and
INFORMATIONAL
Decimalization
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Decimalization
Executive Summary
Nasdaq® has released its most recent decimalization testing schedule. The test schedules and necessary registration information are provided in
Do you have a complex stored procedure defined in a Postgres database in which there are countless different scenarios that need to be tested? One option is to use a specific DEV/QA Postgres instance where the stored procedure is run with different sets of input data and verify the results are as expected through queries.
FINRA plays an important role in regulating and providing transparency to the fixed income securities markets. For example, we operate and enforce FINRA rules regarding the Trade Reporting and Compliance Engine (TRACE®), and enforce, for our member firms, federal securities regulations governing fixed income, including those promulgated by the Securities and Exchange Commission (SEC) and
Background
FINRA is pleased to announce a new centralized, secure file transfer platform called fileX, which enables firms to programmatically send, track and receive files in one place. fileX significantly streamlines the process for submitting bulk filings to FINRA, provides additional options for downloading files from FINRA, and allows for seamless and secure authentication and authorization
The May 18, 2015 version of the OATS Reporting Technical Specifications includes changes to support the capture of more granular information about when an order is eligible to trade. Specifically, a new Trading Session Code has been added that will identify the specific market session(s) during which an order is eligible to trade. Firms will provide this new Trading Session Code in the existing
WASHINGTON—FINRA has fined Apex Clearing Corporation $3.2 million for violations related to its fully paid securities lending program. This is the first time FINRA has charged a firm with violating FINRA Rule 4330, which establishes permissible use of customers’ securities to ensure customer protection.
