Allium(@AlliumLabs):We filed a comment letter with FINRA on modernizing its best execution guidance. Our recommendation is the one we made to the SEC in August: standardize evidence, not outcomes. Proving a broker got you a good price has rested on the protected quote. That object is getting less universal. The same trade can arrive as an order-management log from one venue and a settled transaction on a public ledger from another. Both accurate, neither automatically comparable. A reported trade, a blockchain inclusion and legal settlement can be three different events. A confirmation does not prove the customer received the security.

2026.10.01 14:34

We filed a comment letter with FINRA on modernizing its best execution guidance. Our recommendation is the one we made to the SEC in August: standardize evidence, not outcomes. Proving a broker got you a good price has rested on the protected quote. That object is getting less universal. The same trade can arrive as an order-management log from one venue and a settled transaction on a public ledger from another. Both accurate, neither automatically comparable. A reported trade, a blockchain inclusion and legal settlement can be three different events. A confirmation does not prove the customer received the security.