Wednesday, December 26, 2007
FINRA Eliminates Requirement that Confirmation Include Securities Market on which Transaction was Effected
FINRA Amends NYSE Rule 409(f) (Statements of Accounts to Customers) to Eliminate the Requirement to Include the Name of the Securities Market on which a Transaction is Effected; Effective Date: January 1, 2008. Dual Member firms will not be required to disclose the name of the securities market on which the transaction was effected on confirmations or reports as required under NYSE Rule 409(f). This change makes permanent the temporary relief that was granted in March 2007 and extended until January 1, 2008. FINRA concluded that because of member firms' best execution and disclosure requirements, the usefulness of including on a confirmation the securities market on which a transaction was effected does not outweigh the operational difficulties of capturing the information after adoption of Regulation NMS. FINRA Regulatory Notice 07-65.