FINRA Unveils 2025 Industry Snapshot

July 09, 2025

Features

FINRA Unveils 2025 Industry Snapshot
The 2025 Industry Snapshot was published today, providing a wealth of information about the brokerage industry, including the number of member firms and registered representatives, overall revenues, trading activity, and how firms market their products and services. This year’s report adds new topics on off-hours trading activity for National Market System stocks and average daily trading in Bitcoin exchange-traded products.
FINRA Proposes Extending Trade Reporting Facilities Operating Hours
Under the proposed rule change, the FINRA/NYSE Trade Reporting Facility, the FINRA/Nasdaq Trade Reporting Facility Carteret, and the FINRA/Nasdaq Trade Reporting Facility Chicago will open at 4 a.m. ET each business day instead of 8 a.m. ET. The new operating hours will be implemented during the first quarter of 2026, and FINRA will provide at least 60 days advance notice.
New Investor Insight on Financial Statements
Financial statements offer valuable data about a company’s financial health, operations, and growth prospects. A new Investor Insight discusses how investors can use the balance sheet, income statement, and cash flow statement to make investment decisions. Firms are welcome to share it and other Investor Insights with customers.
ICYMI: FINRA Issues $50 Million Rebate to Member Firms
FINRA provided fee rebates last week to active member firms in good standing based on their 2024 regulatory fees. Eligible member firms should have already received a credit amount to their Flex-Funding account in FINRA E-Bill. Entitled firm users can access FINRA E-Bill through FINRA Gateway and will see the E-Bill icon on the left side navigation bar. For guidance on how to request a refund check from their Flex Funding account, firms may refer to page 17 in the E-Bill user guide. FINRA will send a letter to each eligible firm regarding its specific rebate amount.
ICYMI: Notice on CAT Cost Recovery Fees
FINRA began applying a new prospective CAT cost recovery fee to transactions in eligible securities by CAT executing brokers on July 1 and has provided notice that Prospective CAT Cost Recovery Fee 2025-1 will no longer be in effect. The last invoice for this fee will be sent to member CAT executing brokers this month, with payments due in August. For more information on the new fee, Prospective CAT Cost Recovery Fee 2025-2, see the rule proposal that FINRA filed with the SEC, as well as the related CAT Fee 2025-2 filing.
ICYMI: FinCEN Flags Three Mexico-Based Entities as Primary Money Laundering Concern
FinCEN, a unit of the Treasury Department, identified three Mexico-based financial institutions—CIBanco S.A., Intercam Banco S.A., and Vector Casa de Bolsa, S.A. de C.V.—to be of primary money laundering concern in connection with over $100 million in illicit opioid trafficking. The orders, which FINRA highlighted in a June 27 alert to member firms, prohibit covered financial institutions from transmitting funds from the three entities. They will take effect 21 days after they are published in the Federal Register.
ICYMI: FinPro Adopts New Interface
FINRA’s application for industry professionals, the Financial Professional Gateway (FinPro), updated its interface on June 26 to make completing compliance assignments quicker and easier. PDF guides, a video introducing the interface, and other support materials for users and firms are available on the FinPro section of our website.

Regulatory Information, Upcoming Deadlines, Effective Dates

New

Trade Reporting Facilities: See above feature for details.

Reminders

CAT Fees: See above feature for the details.
FINRA Forward: FINRA’s latest initiatives to support members, markets, and investors.
- TRACE Reporting Timeframe: FINRA has proposed keeping the currently effective 15-minute timeframe for TRACE. Comments are due to the SEC by July 11.
- The Modern Workplace: Regulatory Notice 25-07 requests comment on how FINRA can further evolve our rules, guidance, and processes to reflect modern business practices and markets; support innovation and new technologies; promote efficiency; and eliminate unnecessary regulatory burdens. Comments are due to FINRA by July 14.
- Rule Modernization: Regulatory Notice 25-04 requested comment in connection with a broad review of FINRA’s regulatory requirements applicable to member firms and associated persons. Comments were due to FINRA by June 11, but we still welcome feedback.
- Capital Formation: Regulatory Notice 25-06 requested comment on modernizing FINRA rules, guidance, and processes to further facilitate capital formation and reduce unnecessary regulatory costs and burdens impacting the capital raising process. Comments were due to FINRA by June 18, but we still welcome feedback.

Disciplinary Actions

FINRA publishes disciplinary actions to remind members of specific conduct that violates FINRA rules and may result in disciplinary action. The June 2025 Monthly Disciplinary Actions are available here.

Education and Compliance Programs

Registration Systems Foundation | Aug. 19-20 and Oct. 28-29 | Virtual Event

Registration Systems Foundation | Sept. 16 | Rockville, MD | In-Person Event

Disclosure Reporting Boot Camp | Sept. 17-18 | Rockville, MD | In-Person Event

Small Firm Conference | Oct. 9-10 | Dallas, TX | Hybrid Event

Joint Compliance Outreach Program for Municipal Advisors, Dealers, and Other Market Professionals | Hosted by FINRA, the SEC and the MSRB | Nov. 18-19 | Virtual Event

Resources

Member Firm Hub – Latest guidance, resources, educational opportunities and more.

Comment Process – On-demand webinar on how to provide comments on FINRA Forward proposals, as well as the impact of comment letters and how they are used.

Involvement and Election Process – How to engage with FINRA to help carry out our mission of protecting investors and safeguarding market integrity. Members can contribute their unique perspectives and skillsets with rotating terms on FINRA committees and other opportunities. Submit an indication of interest to be considered to join a FINRA advisory committee or speak at a FINRA event by clicking here.

Membership Application Program (MAP) Tools – Guidance and other resources to help current members prepare for their continuing membership application (CMA) and new applicants prepare for a new member application (NMA).

FINRA Unscripted – Monthly podcast on a range of topics important to FINRA members and other stakeholders.

Follow FINRA

About FINRA
FINRA is a not-for-profit organization dedicated to investor protection and market integrity. FINRA regulates one critical part of the securities industry—member brokerage firms doing business with the public in the U.S. FINRA, overseen by the SEC, writes rules, examines for and enforces compliance with FINRA rules and federal securities laws, registers broker-dealer personnel and offers them education and training, and informs the investing public. In addition, FINRA provides surveillance and other regulatory services for equities and options markets, as well as trade reporting and other industry utilities. FINRA also administers a dispute resolution forum for investors and brokerage firms and their registered employees. For more information, visit www.finra.org.

Regulatory Contacts
FINRA By-Laws require member firms to maintain an email account on behalf of their executive representatives, to facilitate firm notification of important information. In light of this, requests from executive representatives to be removed from this email list cannot be honored.

Firms wishing to change the name or email address of their executive representative or designated assistant should use the FINRA Contact System: http://www.finra.org/FCS.

Subscribers
You received this message because you are currently subscribed to the email subscription list on the FINRA website. To update, use our "update information" or "unsubscribe" forms located at http://www.finra.org/Industry/Subscriptions