Is studying the interaction between the emotions and the intellect a good use of FINRA's resources? It is hard to see how the findings in this study would be actionable by the regulator. They do, however, appear to be especially useful to those who want to commit fraud.

If implemented, the FRB's proposal would require yet another set of contractual revisions. It's a wonder that anyone has enough time to negotiate new trades, given the number of hours required to amend existing contracts under rules that have been adopted by various regulators to date.

This is the second time that FINRA delayed the implementation of the Debt Research Rule. The delay suggests that firms are facing challenges as they address the requirements of the Rule.

Firms should provide standardized educational documents to their retail clients that would clarify the mechanics and limitations of various types of orders, as well as the possible results of those orders in a volatile market.