FINRA Reminds Firms to Provide Consolidated Quotes (FINRA Reg. Notice 15-52)

FINRA reminded firms of their obligation to provide consolidated quotation information to customers. In a regulatory notice, FINRA asserted that firms are obliged to provide information under NMS Rule 603(c) ("Distribution, Consolidation and Display of Information with Respect to Quotations for and Transactions in National Market System Stocks"), also known as the "Vendor Display Rule."

FINRA referenced SEC guidance specifying that a salesperson who provides a customer with a quotation that can be used to assess the current market must provide a consolidated display of market data; i.e., a display that provides, at a minimum, information about the best quoted bid/offer for any national market system stock.