Wall Street & Technology is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Compliance

02:48 PM
Reuters
Reuters
News
Connect Directly
RSS
E-Mail
50%
50%

FINRA Reports $84 Mln Fiscal Year Loss

The Financial Industry Regulatory Authority reported an $84 million loss for its 2011 fiscal year, with weak industry revenue, trading volume and low investment returns among the factors contributing.

The Financial Industry Regulatory Authority reported an $84 million loss for its 2011 fiscal year, with weak industry revenue, trading volume and low investment returns among the factors contributing.

The Wall Street industry funded regulator disclosed the figures in its annual report, released on Friday. FINRA is planning $35 million in spending cuts as a result.

The regulator has received approval from the U.S. Securities and Exchange Commission to raise a number of its fees, including trading fees for some equities, as soon as July 2 in some instances.

FINRA Chief Executive Richard Ketchum earned a total of $2.68 million in compensation during fiscal year 2011, an increase from $2.60 million in 2010, according to the report.

(Reporting By Suzanne Barlyn; Editing by Gerald E. McCormick)

Copyright 2010 by Reuters. All rights reserved.

Register for Wall Street & Technology Newsletters
Video
Stressed Out by Compliance, Reputational Damage & Fines?
Stressed Out by Compliance, Reputational Damage & Fines?
Financial services executives are living in a "regulatory pressure cooker." Here's how executives are preparing for the new compliance requirements.