Regulatory

FINRA Membership Conflict: Why Citadel Effectively Regulates Itself

FINRA is a private organization funded by its member firms including Citadel — creating inherent conflicts in enforcement.

The Membership Model

FINRA operating budget comes from member firm assessments. Staff advancement requires maintaining industry relationships. The structure creates systematic pressure against aggressive enforcement of major revenue-contributing members.

FINRA membership conflictCitadel self-regulationFINRA governance

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