Office of Fraud Detection & Market Intelligence (OFDMI)
BTRD – BLOOMBERG TRADEBOOK LLC/B-TRADE SERVICES, LLC
DRKW – DRESDNER KLEINWORT WASSERSTEIN SECURITIES, LLC
GSCS – GOLDMAN SACHS & CO. SMALL CAPS SELECTNET
MLCO – MERRILL LYNCH, PIERCE, FENNER AND SMITH, INC.
MSCO – MORGAN, STANLEY AND COMPANY, INCORPORATED
SGMA – GOLDMAN SACHS EXECUTION & CLEARING, L.P.
SLKS – SPEAR, LEADS & KELLOGG CAPITAL MARKETS SMALL CAP SELECTNET
SNCM – STIFEL, NICOLAUS & COMPANY INCORPORATED
TFAS – TRADITION SECURITIES AND DERIVATIVES INC.
Background Information:SEC Rule 605 is aimed at improving public disclosure of order execution quality. Under Rule 605, the SEC requires market centers that trade national market system securities to make monthly electronic reports. These reports include information about each market centers quality of executions on a stock-by-stock basis, including how market orders of various sizes are executed relative to the public quotes. These reports must also disclose information about effective spreads (the spreads actually paid by investors whose orders are routed to a particular market center). In addition, market centers must disclose the extent to which they provide executions at prices better than the public quotes to investors using limit orders. The SEC staff has provided useful guidance that sets forth the views of the Division of Market Regulation regarding frequently asked questions about the rule. SeeSEC Staff Bulletin No. 12R, Frequently Asked Questions About Rule 605 (formerly known as Rule 11Ac1-5). For further information, also see NASDsNotice to Members 01-16;NASD Notice to Members 01-22;NASD Notice to Members 01-30;NASD Notice to Members 01-44; andSEC Rule 605 Guidance.
The following Market Centers have selected FINRA as their designated participant to display their identification and links to their disclosure of SEC-Required Order Execution Information (SEC Rule 605).
Designated Participant Authorization Form under SEC Rule 605
Investor Complaint CenterFile a complaint about fraud or unfair practices.
Whistleblower Tip-Line866-96-FINRA or[emailprotected]
Small Firm Helpline833-26-FINRA () (M to F 9-5 ET)
Office of the OmbudsmanReport a concern about FINRA. (888) 700-0028
File a Regulatory TipTo report on abuse or fraud in the industry.