Series 24: Splitting Orders Or Executions For Personal Gain

Taken from our Series 24 Online Guide

Splitting Orders or Executions for Personal Gain

FINRA prohibits splitting orders into multiple, smaller orders or splitting executions into multiple, smaller executions for the purpose of earning higher commissions or some other form of higher payment. This unlawful act of artificially inflating the number of transactions is known as trade shredding.

FINRA Rule 5290

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