FINRA Mandates Brokers Disclose Stock Order Execution Details
Published Date: 4/11/2025
Notice
Summary
FINRA wants brokers to share more info about how they handle stock orders for popular U.S. stocks (NMS stocks). Starting soon, brokers will have to send their order execution data to FINRA, which will post it online for everyone to see. This change helps investors understand how well brokers are doing and could impact how trades are done, but no new fees are mentioned.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
Centralized Public Order Reports
If the rule is approved, broker-dealers required to publish SEC Rule 605 reports must submit those monthly reports to FINRA in the same formats and within the same timeframes (within one month after the end of the month). FINRA will post the reports centrally on its website free of charge and maintain each report for at least three years.
Brokers Must Submit Reports to FINRA
FINRA members who are required to publish SEC Rule 605 reports must also provide those reports to FINRA in the prescribed manner and timeframe (within one month after the end of the month). Members may use third-party vendors to transmit files but remain responsible for timely and corrected submissions, and FINRA notes members may incur initial programming and ongoing maintenance and compliance costs.
Exchanges May Not Be Included
The proposed FINRA rule would not require national securities exchanges (which are not FINRA members) to submit their Rule 605 reports to FINRA, so the centralized FINRA repository may not include exchange reports. As a result, investors and others may still need to visit exchange websites to obtain complete Rule 605 data.
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Key Dates
Department and Agencies
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