Regulatory Notice 23-10

The Financial Industry Regulatory Authority, FINRA, has launched a new consultation pertaining to the reporting of the so-called Rule 605 reports which market centers have to publish on a monthly basis to inform of their order execution activity. The reports thereby summarize monthly trading activity in NMS stocks. The reports must be made publicly available in an electronic format on market center dedicated website and each report must be made available to the public for a minimum period of three years. Additionally, market centers must inform FINRA of this website, which in turn publishes the link to all market centers‘ reports on FINRA own website .
FINRA is now proposing to change this publication procedure to require all market centers to submit their reports to FINRA itself, so that FINRA may collect and centrally publish all 605 documents. This centralization would enable investors to navigate one single website only to compare the 605 reports, instead of having to access each dedicated market center website individually.
FINRA is now seeking members‘ view of the proposal, and specifically on additional costs and benefits that would arise in relation to the central publication. The consultation will run through July 31, 2023.