Membership

Membership in the ISG is open to markets across the world that are Self Regulatory Organizations ("SROs") as well as certain non-governmental associations that provide regulation services to home markets.

Membership entails an obligation to cooperate with other ISG members in the acquisition and sharing of regulatory information on an "as needed" basis. Pursuant to the ISG Agreement (the "Agreements"), information obtained via an ISG request may only be used in pursuing a regulatory-related inquiry or investigation and may not be utilized for marketing or other competitive purposes. In addition, an ISG member may not convey information obtained through such request to any third party (including any governmental entity) without the specific written permission of the information provider, or as otherwise specified in the Agreement.

In order to determine whether your organization qualifies for ISG membership, please consider the following questions.

  1. Does your organization have the authority to obtain trade related information, including information regarding the identity of persons effecting transactions in the markets subject to its jurisdiction?
  2. Is your organization able and willing to share information furnished in response to item 1 with other ISG participants unencumbered by any bank secrecy laws or related blocking statutes?
  3. Would your organization discipline a member or member organization that refused to comply with a request made pursuant to the ISG information sharing Agreements (pursuant to any applicable laws)?
  4. Does your organization maintain Rules that identify and prohibit specific trading practices that are generally deemed to be non-competitive or abusive i.e. prohibitions related to insider trading, misuse of non-public information and/or practices that disadvantage customers?

Applicants should be aware that certain costs associated with the ongoing operation of the ISG are also involved. Details of these costs, which are generally related to the operation and the maintenance of the ISG Portal, are disclosed to the applicant organization during the application process.

To obtain a membership application, please contact the Chairman of the ISG Membership subgroup:

Margaret Williams
Managing Director, FINRA Market Regulation
Direct: (312) 230-5047
[email protected]