On September 19, 2014, the Board of Governors of the Financial Industry Regulatory Authority (“FINRA”) approved a series of proposed rule changes regarding high-speed and algorithmic trading. The Board also approved initiatives to improve transparency and execution quality in fixed income markets. Regulatory Notices authorized by the Board include the following regulatory initiatives: (i) a registration requirement for associated persons involved in the preparation of algorithmic strategies; (ii) the expansion of Alternative Trading System (“ATS”) transparency; (iii) the synchronization of firm computer system business clocks to the National Institute of Standards and Technology (“NIST”) atomic clock; (iv) firm supervisory obligations for algorithmic trading strategies; (v) the identification of trade sequencing of certain OTC trades in NMS stocks; (vi) confirmation of disclosure of pricing in same-day principal trades of retain size; (vii) reporting by ATS to FINRA regarding fixed income quotation information; and (viii) the requirement that a recruiting firm provide FINRA- created educational communication to former retail customers of a transferring representative who are considering transferring assets to that firm.

A full list of the rulemaking items approved by FINRA's Board is available at:

http://www.finra.org/Industry/Regulation/Guidance/CommunicationstoFirms/P600807