FINRA Forces Brokers to Spill Stock Trade Secrets Online
Published Date: 6/30/2025
Notice
Summary
FINRA just got the green light to make big broker-dealers share how they handle stock orders for popular U.S. stocks. Starting soon, these firms must send their order execution info to FINRA, which will post it online for everyone to see. This move helps investors understand how their trades are processed and keeps the market fair and transparent.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 2 costs, 1 mixed.
Broker‑Dealers Must Send Rule 605 Reports
FINRA Rule 6152 requires each member that must publish Rule 605 reports to provide those monthly order execution reports to FINRA in the same format and within the same time frame required by Rule 605 (i.e., within one month after the end of the month). This applies to market centers and larger broker‑dealers (including broker‑dealers that introduce or carry 100,000 or more customer accounts).
Centralized Public Posting of Execution Data
FINRA will publish Rule 605 order execution reports it receives in a centralized location on the FINRA website, free of charge and with no restrictions on use, and will retain each report on its website for at least three years. FINRA expects to post submitted files as soon as practicable and, in most cases, on the same day as submission.
Member Responsibility and Submission Rules
Members may use third‑party vendors to transmit Rule 605 reports to FINRA but remain responsible for timely submission and must promptly submit restated or corrected reports if they publish restatements under Rule 605. The Rule 6152 requirement complements Rule 605 timing (reports due within one month after the month covered).
Not All Reporting Entities Are Centralized
The rule does not require non‑FINRA member reporting entities, such as national securities exchanges, to provide their Rule 605 reports to FINRA, so the FINRA central repository will not necessarily contain every reporting entity's reports. FINRA's centralized posting therefore covers FINRA members but may exclude reports from exchanges.
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