FINRA

"Over the next fiscal year, I look forward to collaborating with MSRB Board members from across our industry, and the nation," Board Chair Natasha Holiday said.

Interactive Brokers said it "promptly addressed the issue that gave rise to the settlement."

Little Rock, Arkansas-based Stephens Inc. consented to FINRA's findings without admitting or denying them.

The $137,500 fine for allegedly violating MSRB Rule G-27 was part of a $275,000 total fine imposed.

Ninety percent of FINRA's operating expenses are driven by compensation and technology costs.

The $28,800 fine pertaining to violations of Municipal Securities Rulemaking Board rules was part of a $75,000 total fine imposed by FINRA.

First Southern LLC failed to timely and accurately report on trades executed for an affiliated hedge fund, FINRA said.

SROs "are now being guided by individuals who lack a deep real-world understanding of the markets they oversee," the trade association said in a letter to the House Financial Services Committee.

"We supported the approved rule change and are extremely disappointed that the MSRB is now proposing to halt the progress it had been making toward full and complete transparency in the municipal securities market," Dimensional Fund Advisors officials said in a letter.

Isaak Bond Investments has agreed to pay a $20,000 fine to settle allegations brought by the Financial Industry Regulatory Authority.