(Bloomberg) FINRA is weighing whether to drop a plan for a trade-surveillance system that has drawn sharp opposition from the brokers that fund the agency.
The regulator has described the new system as critical for modernizing how it oversees more than 4,000 securities firms and 630,000 brokers across the country. It was meant to automate FINRAs review of suspicious activity such as overcharging clients, excessive trading and pump-and-dump schemes.
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