NEW YORK, July 8 (Reuters) - Wall Street’s self-regulator said on Tuesday it has conducted examinations of 10 firms to ensure they are in compliance with regulations requiring that investors receive the best execution for their stock orders.
The Financial Industry Regulatory Authority did not disclose which 10 firms received letters demanding records and other documents on their execution and order-routing practices, but FINRA posted a sample letter on its website explaining its examination process. A link to the letter can be found here
FINRA is now the second regulator conducting a deeper probe into how orders are routed on Wall Street. Reuters reported in May that the Securities and Exchange Commission has sent out subpoenas in a broad investigation into similar routing practices. (Reporting by Herbert Lash. Editing by Andre Grenon)