Have FINRA’s People, Members Earned A Right To Have An Opinion?

FINRA isn’t exactly known as an exemplar of radical transparency. That all may be about to change.

The FINRA Board of Governors has unanimously elected Eileen Murray, former Co-CEO of Bridgewater Associates, LP, as Chairperson effective at FINRA’s Annual Meeting in August…. “I am honored by the opportunity to lead the FINRA Board at such an important time for FINRA, the financial services industry and the markets,” said Murray. “Under Bill’s leadership, FINRA has worked tirelessly to ensure that markets operated under the highest standards of integrity for investors and I look forward to building on that effort.”

Now, these standards of integrity may not be what FINRA staffers or its members are used to, to say nothing of the other culture shifts that may be coming.

“The word ‘pain’ has this pejorative negativity associated with it,” Murray said. “What it is, is putting yourself in a position to really look at yourself and become self-aware.”

Well, flashes of self-awareness at FINRA have certainly been painful over the years. And the self-regulator isn’t the only troubled organization looking to have Murray’s keen eye examine its many, many problems.

The former co-chief executive of the world’s biggest hedge fund and newly elected chairwoman of Finra, the US securities industry’s self-regulatory arm, is joining HSBC’s board as an independent director effective Wednesday, the bank said…. “I am absolutely delighted to welcome Eileen,” Mark Tucker, the HSBC chairman, said in a statement. “Her wealth of experience across banking and finance, together with her extensive knowledge of financial technologies and corporate strategy, will bring an invaluable perspective to the board.”

Just wait until the probing sessions begin, Mark.

Eileen Murray Elected Chairperson of FINRA Board of Governors [press release]
Eileen Murray Is Named to Lead Finra, Wall Street’s Self-Regulatory Arm [WSJ]
HSBC adds former co-CEO of world’s biggest hedge fund Bridgewater Associates to board [South China Morning Post]