FINRA Opens New Rule 605 Reporter Form

FINRA introduced a new electronic Rule 605 Designated Participant Authorization Form on June 17, giving member firms a FINRA Gateway workflow for obtaining reporter identification codes and submitting links to public execution-quality reports.

The timing matters because amended SEC Rule 605 and the amended Rule 605 NMS Plan take effect on August 1, 2026. FINRA said the first monthly reports under the amended rule, covering August 2026, must be published before the end of September.

The amended framework expands Rule 605 reporting beyond traditional market centers to include certain broker-dealers. It also requires separate reporting for broker-dealers operating alternative trading systems and single-dealer platforms, and adds a new monthly summary execution-quality report alongside detailed disclosures.

Members that select FINRA as their designated participant must use the new electronic form, even if they previously submitted the old PDF form. Firms with multiple reportable functions may need separate reporter identification codes for each function.

Why it matters

Rule 605 disclosures are one of the few standardized public windows into execution quality for retail and institutional order flow. Broader reporting may make it easier for traders, analysts and broker due-diligence teams to compare execution outcomes across brokers, ATSs, single-dealer platforms and market centers.

The form itself is operational plumbing, but it is a sign that the August reporting deadline is moving from rule text into implementation.

What to watch next

Watch for brokers and trading venues to publish their first amended Rule 605 reports after August trading activity. Traders should pay attention to how platforms present the new summary reports, not just whether they meet the filing requirement.