Who We Serve
Compliance Services for Trading Venues and Market Infrastructure
InnReg provides compliance consulting and execution support for trading venues and market infrastructure businesses, from regulatory assessments and registration workstreams to governance, operating procedures, ongoing compliance, testing, and regulatory reviews.
Since 2013
100+ fintechs supported
Securities and derivatives experience
SOC 2® Type 2 Report
As seen on:
Compliance Built Around the Function Your Infrastructure Performs
Compliance Built Around the Function Your Infrastructure Performs
Operating a market, matching orders, clearing transactions, maintaining securities ownership records, and collecting regulatory transaction data are fundamentally different activities. The regulatory framework follows the function the business performs, the instruments it supports, the participants it serves, and the control it exercises over trading, clearing, settlement, records, or data.
In the U.S. securities markets, a national securities exchange registers with the SEC under Section 6 of the Exchange Act, while an Alternative Trading System generally operates under the separate Regulation ATS framework through a registered broker-dealer. In the derivatives markets, Designated Contract Markets and Swap Execution Facilities operate under different CFTC frameworks in Parts 38 and 37. Securities clearing agencies, Derivatives Clearing Organizations, swap and security-based swap data repositories, security-based swap execution facilities, and transfer agents each have separate registration and operating requirements.
The distinction matters operationally. A national securities exchange has self-regulatory responsibilities that an ATS does not. A DCO that becomes the central counterparty to transactions has financial-resource, margin, default-management, settlement, and risk-management obligations that do not apply merely because a trading platform sends transactions to an external clearinghouse. A repository receiving regulatory transaction data has different confidentiality, validation, access, and systems responsibilities from either a venue or a clearing organization.
InnReg helps translate the applicable framework into a practical compliance workplan. We can assess the regulatory model, support defined registration and change workstreams, develop governance and operating procedures, administer recurring compliance activities, test controls, support regulatory reviews, and coordinate the work across compliance, market operations, technology, risk, finance, legal counsel, and external providers.
Building or Changing Market Infrastructure?
InnReg can assess the regulatory implications of a proposed venue, clearing model, reporting function, new product, or material platform change and translate the analysis into registration, governance, procedure, and implementation workstreams.
Firm Types
Who We Work With
InnReg supports broker-dealers with different business models, operating structures, and compliance needs.
National Securities Exchanges
Existing and proposed securities exchanges requiring support with regulatory strategy, governance, rule and procedure development, market operations, compliance workstreams, or changes to their regulated activities.
National Securities Exchanges
Existing and proposed securities exchanges requiring support with regulatory strategy, governance, rule and procedure development, market operations, compliance workstreams, or changes to their regulated activities.
Alternative Trading Systems
Broker-dealer-operated trading systems subject to Regulation ATS, including NMS Stock ATSs and platforms trading fixed income, private securities, or other securities under the applicable ATS framework.
Alternative Trading Systems
Broker-dealer-operated trading systems subject to Regulation ATS, including NMS Stock ATSs and platforms trading fixed income, private securities, or other securities under the applicable ATS framework.
Derivatives Trading Venues
Designated Contract Markets, Swap Execution Facilities, and Security-Based Swap Execution Facilities operating under CFTC or SEC frameworks applicable to futures, options, swaps, or security-based swaps.
Derivatives Trading Venues
Designated Contract Markets, Swap Execution Facilities, and Security-Based Swap Execution Facilities operating under CFTC or SEC frameworks applicable to futures, options, swaps, or security-based swaps.
Clearing Organizations
Securities clearing agencies and Derivatives Clearing Organizations performing central counterparty, securities depository, or derivatives-clearing functions and managing participant, collateral, settlement, default, and operational risk.
Clearing Organizations
Securities clearing agencies and Derivatives Clearing Organizations performing central counterparty, securities depository, or derivatives-clearing functions and managing participant, collateral, settlement, default, and operational risk.
Swap and Security-Based Swap Data Repositories
CFTC-registered Swap Data Repositories and SEC-registered Security-Based Swap Data Repositories responsible for receiving, maintaining, protecting, and providing access to transaction data under their respective reporting regimes.
Swap and Security-Based Swap Data Repositories
CFTC-registered Swap Data Repositories and SEC-registered Security-Based Swap Data Repositories responsible for receiving, maintaining, protecting, and providing access to transaction data under their respective reporting regimes.
Transfer Agents and Ownership Record Infrastructure
Registered transfer agents and businesses assessing whether securities recordkeeping, ownership maintenance, issuance, or transfer functions bring their activities within the federal transfer-agent framework.
Transfer Agents and Ownership Record Infrastructure
Registered transfer agents and businesses assessing whether securities recordkeeping, ownership maintenance, issuance, or transfer functions bring their activities within the federal transfer-agent framework.
Requirements
Key Compliance Areas for Trading Venues and Market Infrastructure
Trading and post-trade infrastructure does not share one standardized compliance program. The relevant requirements depend on whether the entity is operating a venue, exercising self-regulatory authority, clearing transactions, maintaining transaction data, serving as a transfer agent, or providing technology to another regulated entity.
Registration and the Regulatory Perimeter
National securities exchanges register under Exchange Act Section 6, while ATSs generally operate under Regulation ATS through registered broker-dealers. DCMs are governed by CEA Section 5 and CFTC Part 38, and SEFs by Section 5h and Part 37. Clearing agencies, DCOs, data repositories, and transfer agents have separate registration frameworks.
Participant Access, Eligibility, and Conflicts
Regulated venues and clearing organizations may have specific requirements governing who may participate and how access decisions are made. Controls can address eligibility standards, financial requirements, onboarding, suspension, affiliate participation, conflicts, and exceptions. SEF impartial-access requirements, DCO fair-and-open-access standards, and Regulation ATS fair-access provisions should be applied only where their respective conditions are met.
Market Data, Regulatory Reporting, and Recordkeeping
Market-infrastructure entities can have extensive reporting and recordkeeping obligations tied to their role. CFTC SDRs operate under Part 49 and receive swap data under Parts 43 and 45, while SBSDRs operate under the SEC's security-based swap reporting framework. Controls should address data creation, validation, correction, retention, confidentiality, and regulatory access.
Governance, Rulebooks, and Regulatory Filings
National securities exchanges operate as SROs, with rule changes generally subject to Exchange Act Section 19(b) and Rule 19b-4. DCMs and SEFs maintain their own rulebooks and may submit new or amended rules and products under CFTC Part 40. Governance procedures should reflect the entity's regulatory authority, conflicts, committees, filings, and enforcement responsibilities.
Clearing, Margin, Settlement, and Default Management
Securities clearing agencies register under Exchange Act Section 17A and operate under standards including Rule 17Ad-22. DCOs are governed by CEA Section 5b and CFTC Part 39. Their frameworks address areas such as margin, collateral, financial resources, participant defaults, settlement, operational risk, and recovery, which should not be attributed to a venue that merely connects to an external clearer.
Transfer Agent Registration and Securities Ownership Records
Transfer agents performing covered functions must register with their appropriate regulatory agency under Exchange Act Section 17A(c), generally using Form TA-1. Registered transfer agents also have Form TA-2 reporting and requirements relating to securities transfers, records, inquiries, and record retention. Current requirements should be distinguished from proposed modernization initiatives that are not yet effective.
Market Surveillance, Rule Enforcement, and Trading Conduct
DCMs and SEFs have statutory Core Principles addressing market integrity, surveillance, rule enforcement, financial integrity, and other operating requirements. National securities exchanges have separate Exchange Act and SRO responsibilities, while ATSs are not SROs merely because they operate a securities trading venue. Surveillance controls should reflect the instruments, trading protocols, participants, and data actually available.
Systems, Cybersecurity, Capacity, and Business Continuity
Regulation SCI applies to specified SCI entities, including national securities exchanges, registered clearing agencies, plan processors, and certain ATSs. CFTC-regulated infrastructure has separate system-safeguard requirements under the applicable Core Principles. Relevant controls can include capacity, security, change management, incident escalation, business continuity, disaster recovery, testing, and critical-provider dependencies.
Registration and the Regulatory Perimeter
National securities exchanges register under Exchange Act Section 6, while ATSs generally operate under Regulation ATS through registered broker-dealers. DCMs are governed by CEA Section 5 and CFTC Part 38, and SEFs by Section 5h and Part 37. Clearing agencies, DCOs, data repositories, and transfer agents have separate registration frameworks.
Governance, Rulebooks, and Regulatory Filings
National securities exchanges operate as SROs, with rule changes generally subject to Exchange Act Section 19(b) and Rule 19b-4. DCMs and SEFs maintain their own rulebooks and may submit new or amended rules and products under CFTC Part 40. Governance procedures should reflect the entity's regulatory authority, conflicts, committees, filings, and enforcement responsibilities.
Market Surveillance, Rule Enforcement, and Trading Conduct
DCMs and SEFs have statutory Core Principles addressing market integrity, surveillance, rule enforcement, financial integrity, and other operating requirements. National securities exchanges have separate Exchange Act and SRO responsibilities, while ATSs are not SROs merely because they operate a securities trading venue. Surveillance controls should reflect the instruments, trading protocols, participants, and data actually available.
Participant Access, Eligibility, and Conflicts
Regulated venues and clearing organizations may have specific requirements governing who may participate and how access decisions are made. Controls can address eligibility standards, financial requirements, onboarding, suspension, affiliate participation, conflicts, and exceptions. SEF impartial-access requirements, DCO fair-and-open-access standards, and Regulation ATS fair-access provisions should be applied only where their respective conditions are met.
Clearing, Margin, Settlement, and Default Management
Securities clearing agencies register under Exchange Act Section 17A and operate under standards including Rule 17Ad-22. DCOs are governed by CEA Section 5b and CFTC Part 39. Their frameworks address areas such as margin, collateral, financial resources, participant defaults, settlement, operational risk, and recovery, which should not be attributed to a venue that merely connects to an external clearer.
Systems, Cybersecurity, Capacity, and Business Continuity
Regulation SCI applies to specified SCI entities, including national securities exchanges, registered clearing agencies, plan processors, and certain ATSs. CFTC-regulated infrastructure has separate system-safeguard requirements under the applicable Core Principles. Relevant controls can include capacity, security, change management, incident escalation, business continuity, disaster recovery, testing, and critical-provider dependencies.
Market Data, Regulatory Reporting, and Recordkeeping
Market-infrastructure entities can have extensive reporting and recordkeeping obligations tied to their role. CFTC SDRs operate under Part 49 and receive swap data under Parts 43 and 45, while SBSDRs operate under the SEC's security-based swap reporting framework. Controls should address data creation, validation, correction, retention, confidentiality, and regulatory access.
Transfer Agent Registration and Securities Ownership Records
Transfer agents performing covered functions must register with their appropriate regulatory agency under Exchange Act Section 17A(c), generally using Form TA-1. Registered transfer agents also have Form TA-2 reporting and requirements relating to securities transfers, records, inquiries, and record retention. Current requirements should be distinguished from proposed modernization initiatives that are not yet effective.
Registration and the Regulatory Perimeter
National securities exchanges register under Exchange Act Section 6, while ATSs generally operate under Regulation ATS through registered broker-dealers. DCMs are governed by CEA Section 5 and CFTC Part 38, and SEFs by Section 5h and Part 37. Clearing agencies, DCOs, data repositories, and transfer agents have separate registration frameworks.
Governance, Rulebooks, and Regulatory Filings
National securities exchanges operate as SROs, with rule changes generally subject to Exchange Act Section 19(b) and Rule 19b-4. DCMs and SEFs maintain their own rulebooks and may submit new or amended rules and products under CFTC Part 40. Governance procedures should reflect the entity's regulatory authority, conflicts, committees, filings, and enforcement responsibilities.
Market Surveillance, Rule Enforcement, and Trading Conduct
DCMs and SEFs have statutory Core Principles addressing market integrity, surveillance, rule enforcement, financial integrity, and other operating requirements. National securities exchanges have separate Exchange Act and SRO responsibilities, while ATSs are not SROs merely because they operate a securities trading venue. Surveillance controls should reflect the instruments, trading protocols, participants, and data actually available.
Participant Access, Eligibility, and Conflicts
Regulated venues and clearing organizations may have specific requirements governing who may participate and how access decisions are made. Controls can address eligibility standards, financial requirements, onboarding, suspension, affiliate participation, conflicts, and exceptions. SEF impartial-access requirements, DCO fair-and-open-access standards, and Regulation ATS fair-access provisions should be applied only where their respective conditions are met.
Clearing, Margin, Settlement, and Default Management
Securities clearing agencies register under Exchange Act Section 17A and operate under standards including Rule 17Ad-22. DCOs are governed by CEA Section 5b and CFTC Part 39. Their frameworks address areas such as margin, collateral, financial resources, participant defaults, settlement, operational risk, and recovery, which should not be attributed to a venue that merely connects to an external clearer.
Systems, Cybersecurity, Capacity, and Business Continuity
Regulation SCI applies to specified SCI entities, including national securities exchanges, registered clearing agencies, plan processors, and certain ATSs. CFTC-regulated infrastructure has separate system-safeguard requirements under the applicable Core Principles. Relevant controls can include capacity, security, change management, incident escalation, business continuity, disaster recovery, testing, and critical-provider dependencies.
Market Data, Regulatory Reporting, and Recordkeeping
Market-infrastructure entities can have extensive reporting and recordkeeping obligations tied to their role. CFTC SDRs operate under Part 49 and receive swap data under Parts 43 and 45, while SBSDRs operate under the SEC's security-based swap reporting framework. Controls should address data creation, validation, correction, retention, confidentiality, and regulatory access.
Transfer Agent Registration and Securities Ownership Records
Transfer agents performing covered functions must register with their appropriate regulatory agency under Exchange Act Section 17A(c), generally using Form TA-1. Registered transfer agents also have Form TA-2 reporting and requirements relating to securities transfers, records, inquiries, and record retention. Current requirements should be distinguished from proposed modernization initiatives that are not yet effective.
How We Help
How InnReg Supports Trading Venues and Market Infrastructure
InnReg can support a regulatory strategy or registration project, extend an internal compliance function, or provide recurring execution capacity for defined market-infrastructure workstreams. The scope is built around the entity's actual regulatory category and operating responsibilities rather than a generic “exchange compliance” model.
Assessing the Regulatory Model and Supporting Registration
Market-infrastructure projects often begin with a threshold question: what regulated function is the platform actually performing?
The answer can turn on matching logic, instrument type, participant access, transaction discretion, clearing and settlement responsibilities, custody, data functions, and the relationships among the platform, its affiliates, intermediaries, and providers.
InnReg can help map those functions to the applicable regulatory framework and support defined application or authorization workstreams. Our existing market-structure work includes regulatory-path analysis for technology-enabled trading platforms, assessment of ATS status, membership-application strategy, platform and operating-model review, and coordination of regulatory filings and implementation planning.
Support can include:
Regulatory-perimeter and registration analysis
Application strategy and sequencing
Business and operating-model descriptions
Governance and organizational materials
Rulebook and procedure development
Participant and provider documentation
System and operational-control descriptions
Regulatory questions and supplemental submissions
Pre-launch readiness planning
For ATS-specific projects, InnReg's scope can extend to the applicable broker-dealer membership process, Form ATS or Form ATS-N, operating procedures, subscriber controls, market-integrity procedures, and SEC and FINRA interactions.
Assessing the Regulatory Model and Supporting Registration
Market-infrastructure projects often begin with a threshold question: what regulated function is the platform actually performing?
The answer can turn on matching logic, instrument type, participant access, transaction discretion, clearing and settlement responsibilities, custody, data functions, and the relationships among the platform, its affiliates, intermediaries, and providers.
InnReg can help map those functions to the applicable regulatory framework and support defined application or authorization workstreams. Our existing market-structure work includes regulatory-path analysis for technology-enabled trading platforms, assessment of ATS status, membership-application strategy, platform and operating-model review, and coordination of regulatory filings and implementation planning.
Support can include:
Regulatory-perimeter and registration analysis
Application strategy and sequencing
Business and operating-model descriptions
Governance and organizational materials
Rulebook and procedure development
Participant and provider documentation
System and operational-control descriptions
Regulatory questions and supplemental submissions
Pre-launch readiness planning
For ATS-specific projects, InnReg's scope can extend to the applicable broker-dealer membership process, Form ATS or Form ATS-N, operating procedures, subscriber controls, market-integrity procedures, and SEC and FINRA interactions.
Assessing the Regulatory Model and Supporting Registration
Market-infrastructure projects often begin with a threshold question: what regulated function is the platform actually performing?
The answer can turn on matching logic, instrument type, participant access, transaction discretion, clearing and settlement responsibilities, custody, data functions, and the relationships among the platform, its affiliates, intermediaries, and providers.
InnReg can help map those functions to the applicable regulatory framework and support defined application or authorization workstreams. Our existing market-structure work includes regulatory-path analysis for technology-enabled trading platforms, assessment of ATS status, membership-application strategy, platform and operating-model review, and coordination of regulatory filings and implementation planning.
Support can include:
Regulatory-perimeter and registration analysis
Application strategy and sequencing
Business and operating-model descriptions
Governance and organizational materials
Rulebook and procedure development
Participant and provider documentation
System and operational-control descriptions
Regulatory questions and supplemental submissions
Pre-launch readiness planning
For ATS-specific projects, InnReg's scope can extend to the applicable broker-dealer membership process, Form ATS or Form ATS-N, operating procedures, subscriber controls, market-integrity procedures, and SEC and FINRA interactions.
Building Governance, Rulebooks, and Operating Procedures
Market infrastructure needs procedures that describe how the regulated function actually operates.
For a venue, that may mean participant access, order or RFQ handling, surveillance, rule enforcement, conflicts, trading halts, emergency authority, and product changes. For a clearing organization, the procedures may need to address participant eligibility, margin, collateral, default management, settlement, risk escalation, and recovery. Repositories and transfer agents require entirely different operational controls.
InnReg can develop or enhance the compliance framework around those actual responsibilities.
Representative areas of support include:
Governance and committee procedures
Compliance policies and escalation frameworks
Rulebooks and participant procedures
Market surveillance and investigation workflows
Conflicts and information controls
Regulatory-filing procedures
Reporting and recordkeeping controls
Systems and business-continuity procedures
Provider and outsourcing oversight
Training and implementation support
Building Governance, Rulebooks, and Operating Procedures
Market infrastructure needs procedures that describe how the regulated function actually operates.
For a venue, that may mean participant access, order or RFQ handling, surveillance, rule enforcement, conflicts, trading halts, emergency authority, and product changes. For a clearing organization, the procedures may need to address participant eligibility, margin, collateral, default management, settlement, risk escalation, and recovery. Repositories and transfer agents require entirely different operational controls.
InnReg can develop or enhance the compliance framework around those actual responsibilities.
Representative areas of support include:
Governance and committee procedures
Compliance policies and escalation frameworks
Rulebooks and participant procedures
Market surveillance and investigation workflows
Conflicts and information controls
Regulatory-filing procedures
Reporting and recordkeeping controls
Systems and business-continuity procedures
Provider and outsourcing oversight
Training and implementation support
Building Governance, Rulebooks, and Operating Procedures
Market infrastructure needs procedures that describe how the regulated function actually operates.
For a venue, that may mean participant access, order or RFQ handling, surveillance, rule enforcement, conflicts, trading halts, emergency authority, and product changes. For a clearing organization, the procedures may need to address participant eligibility, margin, collateral, default management, settlement, risk escalation, and recovery. Repositories and transfer agents require entirely different operational controls.
InnReg can develop or enhance the compliance framework around those actual responsibilities.
Representative areas of support include:
Governance and committee procedures
Compliance policies and escalation frameworks
Rulebooks and participant procedures
Market surveillance and investigation workflows
Conflicts and information controls
Regulatory-filing procedures
Reporting and recordkeeping controls
Systems and business-continuity procedures
Provider and outsourcing oversight
Training and implementation support
Managing Ongoing Compliance and Regulatory Filings
Registration is only the beginning. Market infrastructure may have continuing rule, product, participant, reporting, system, governance, and examination obligations that need to be administered alongside market operations.
InnReg can supplement an internal compliance team and manage defined recurring workstreams. The engagement distinguishes the work InnReg performs from responsibilities that must remain with the entity's CCO, board, regulatory committee, risk function, surveillance function, or other designated decision maker.
Ongoing support can include:
Compliance calendars and recurring obligations
Rule and product filing coordination
Policy and rulebook maintenance
Participant and provider reviews
Regulatory-reporting coordination
Compliance review documentation
Regulatory change monitoring
Issue and exception tracking
Remediation management
Management and committee reporting support
For CFTC-regulated venues, this can include support around Part 40 submissions and preparation for Rule Enforcement Reviews. For securities infrastructure, it can include defined SEC filing, amendment, examination, and SRO-related workstreams based on the entity's status.
Managing Ongoing Compliance and Regulatory Filings
Registration is only the beginning. Market infrastructure may have continuing rule, product, participant, reporting, system, governance, and examination obligations that need to be administered alongside market operations.
InnReg can supplement an internal compliance team and manage defined recurring workstreams. The engagement distinguishes the work InnReg performs from responsibilities that must remain with the entity's CCO, board, regulatory committee, risk function, surveillance function, or other designated decision maker.
Ongoing support can include:
Compliance calendars and recurring obligations
Rule and product filing coordination
Policy and rulebook maintenance
Participant and provider reviews
Regulatory-reporting coordination
Compliance review documentation
Regulatory change monitoring
Issue and exception tracking
Remediation management
Management and committee reporting support
For CFTC-regulated venues, this can include support around Part 40 submissions and preparation for Rule Enforcement Reviews. For securities infrastructure, it can include defined SEC filing, amendment, examination, and SRO-related workstreams based on the entity's status.
Managing Ongoing Compliance and Regulatory Filings
Registration is only the beginning. Market infrastructure may have continuing rule, product, participant, reporting, system, governance, and examination obligations that need to be administered alongside market operations.
InnReg can supplement an internal compliance team and manage defined recurring workstreams. The engagement distinguishes the work InnReg performs from responsibilities that must remain with the entity's CCO, board, regulatory committee, risk function, surveillance function, or other designated decision maker.
Ongoing support can include:
Compliance calendars and recurring obligations
Rule and product filing coordination
Policy and rulebook maintenance
Participant and provider reviews
Regulatory-reporting coordination
Compliance review documentation
Regulatory change monitoring
Issue and exception tracking
Remediation management
Management and committee reporting support
For CFTC-regulated venues, this can include support around Part 40 submissions and preparation for Rule Enforcement Reviews. For securities infrastructure, it can include defined SEC filing, amendment, examination, and SRO-related workstreams based on the entity's status.
Supporting Compliance Leadership and Control Owners
Market-infrastructure compliance often requires designated individuals with specific statutory or regulatory responsibilities.
For example, SEFs must designate a CCO as one of their statutory core principles, DCO regulations include CCO requirements, SDRs must establish a CCO position, and SBSEFs operate under a separate SEC compliance-governance framework. Other entities may structure compliance leadership differently.
InnReg can supplement existing compliance leadership or provide additional resources where an outsourced or interim arrangement is legally and operationally appropriate. The engagement defines authority, information access, reporting lines, required qualifications, retained responsibilities, and escalation.
Support can include:
CCO and senior compliance support
Compliance-program planning
Management and board or committee reporting
Regulatory filing and certification coordination
Significant-issue escalation
Remediation oversight
Regulatory-review preparation
Interim capacity during launch, growth, or transition
Supporting Compliance Leadership and Control Owners
Market-infrastructure compliance often requires designated individuals with specific statutory or regulatory responsibilities.
For example, SEFs must designate a CCO as one of their statutory core principles, DCO regulations include CCO requirements, SDRs must establish a CCO position, and SBSEFs operate under a separate SEC compliance-governance framework. Other entities may structure compliance leadership differently.
InnReg can supplement existing compliance leadership or provide additional resources where an outsourced or interim arrangement is legally and operationally appropriate. The engagement defines authority, information access, reporting lines, required qualifications, retained responsibilities, and escalation.
Support can include:
CCO and senior compliance support
Compliance-program planning
Management and board or committee reporting
Regulatory filing and certification coordination
Significant-issue escalation
Remediation oversight
Regulatory-review preparation
Interim capacity during launch, growth, or transition
Supporting Compliance Leadership and Control Owners
Market-infrastructure compliance often requires designated individuals with specific statutory or regulatory responsibilities.
For example, SEFs must designate a CCO as one of their statutory core principles, DCO regulations include CCO requirements, SDRs must establish a CCO position, and SBSEFs operate under a separate SEC compliance-governance framework. Other entities may structure compliance leadership differently.
InnReg can supplement existing compliance leadership or provide additional resources where an outsourced or interim arrangement is legally and operationally appropriate. The engagement defines authority, information access, reporting lines, required qualifications, retained responsibilities, and escalation.
Support can include:
CCO and senior compliance support
Compliance-program planning
Management and board or committee reporting
Regulatory filing and certification coordination
Significant-issue escalation
Remediation oversight
Regulatory-review preparation
Interim capacity during launch, growth, or transition
Testing Controls and Preparing for Regulatory Reviews
A rulebook or compliance manual is not enough. The entity needs evidence that access controls, surveillance, reporting, governance, risk, information, and operational procedures are actually functioning as documented.
InnReg can test selected compliance controls and help prepare venues and infrastructure providers for SEC, FINRA, CFTC, NFA, or other applicable regulatory reviews. The scope is tailored to the entity's regulatory framework and does not substitute for specialist financial, cybersecurity, model, or technology assurance where those disciplines require separate expertise.
Testing and review support can include:
Governance and procedure implementation testing
Participant-access and eligibility reviews
Surveillance and escalation sample testing
Regulatory-filing and recordkeeping reviews
Confidential-information and access-control assessments
Provider and outsourcing reviews
Regulatory-review readiness
Document and response coordination
Findings and corrective-action plans
Follow-up testing and remediation validation
Testing Controls and Preparing for Regulatory Reviews
A rulebook or compliance manual is not enough. The entity needs evidence that access controls, surveillance, reporting, governance, risk, information, and operational procedures are actually functioning as documented.
InnReg can test selected compliance controls and help prepare venues and infrastructure providers for SEC, FINRA, CFTC, NFA, or other applicable regulatory reviews. The scope is tailored to the entity's regulatory framework and does not substitute for specialist financial, cybersecurity, model, or technology assurance where those disciplines require separate expertise.
Testing and review support can include:
Governance and procedure implementation testing
Participant-access and eligibility reviews
Surveillance and escalation sample testing
Regulatory-filing and recordkeeping reviews
Confidential-information and access-control assessments
Provider and outsourcing reviews
Regulatory-review readiness
Document and response coordination
Findings and corrective-action plans
Follow-up testing and remediation validation
Testing Controls and Preparing for Regulatory Reviews
A rulebook or compliance manual is not enough. The entity needs evidence that access controls, surveillance, reporting, governance, risk, information, and operational procedures are actually functioning as documented.
InnReg can test selected compliance controls and help prepare venues and infrastructure providers for SEC, FINRA, CFTC, NFA, or other applicable regulatory reviews. The scope is tailored to the entity's regulatory framework and does not substitute for specialist financial, cybersecurity, model, or technology assurance where those disciplines require separate expertise.
Testing and review support can include:
Governance and procedure implementation testing
Participant-access and eligibility reviews
Surveillance and escalation sample testing
Regulatory-filing and recordkeeping reviews
Confidential-information and access-control assessments
Provider and outsourcing reviews
Regulatory-review readiness
Document and response coordination
Findings and corrective-action plans
Follow-up testing and remediation validation
Assessing New Products, Systems, and Regulatory Gaps
Changes to market infrastructure can affect regulatory status even when the entity itself does not change.
New instruments, order types, execution protocols, clearing arrangements, participant categories, trading hours, custody models, distributed-ledger functionality, data products, or third-party infrastructure can affect registration, rule filings, disclosures, surveillance, capital or financial-resource assumptions, system safeguards, and operating controls.
InnReg can review those changes before implementation or assess gaps in an existing framework.
Assessments can address:
Regulatory-perimeter implications
New products and instruments
Changes to matching or execution functionality
Participant-access changes
Clearing, custody, and settlement arrangements
Extended-hours or continuous-market models
Digital asset or tokenized-market infrastructure
Governance and conflict implications
Rule and reporting changes
Technology and outsourcing dependencies
Gaps between documented controls and actual operations
Implementation and remediation priorities
Assessing New Products, Systems, and Regulatory Gaps
Changes to market infrastructure can affect regulatory status even when the entity itself does not change.
New instruments, order types, execution protocols, clearing arrangements, participant categories, trading hours, custody models, distributed-ledger functionality, data products, or third-party infrastructure can affect registration, rule filings, disclosures, surveillance, capital or financial-resource assumptions, system safeguards, and operating controls.
InnReg can review those changes before implementation or assess gaps in an existing framework.
Assessments can address:
Regulatory-perimeter implications
New products and instruments
Changes to matching or execution functionality
Participant-access changes
Clearing, custody, and settlement arrangements
Extended-hours or continuous-market models
Digital asset or tokenized-market infrastructure
Governance and conflict implications
Rule and reporting changes
Technology and outsourcing dependencies
Gaps between documented controls and actual operations
Implementation and remediation priorities
Assessing New Products, Systems, and Regulatory Gaps
Changes to market infrastructure can affect regulatory status even when the entity itself does not change.
New instruments, order types, execution protocols, clearing arrangements, participant categories, trading hours, custody models, distributed-ledger functionality, data products, or third-party infrastructure can affect registration, rule filings, disclosures, surveillance, capital or financial-resource assumptions, system safeguards, and operating controls.
InnReg can review those changes before implementation or assess gaps in an existing framework.
Assessments can address:
Regulatory-perimeter implications
New products and instruments
Changes to matching or execution functionality
Participant-access changes
Clearing, custody, and settlement arrangements
Extended-hours or continuous-market models
Digital asset or tokenized-market infrastructure
Governance and conflict implications
Rule and reporting changes
Technology and outsourcing dependencies
Gaps between documented controls and actual operations
Implementation and remediation priorities
Our Methodology
How We Work With Trading Venues and Market Infrastructure
Market-infrastructure engagements typically connect regulatory requirements with market operations, technology, risk, legal analysis, clearing or settlement, participant relationships, and reporting. InnReg uses a structured working model to keep those dependencies visible throughout the engagement.
01
Understand the Market Function and Set Priorities
We begin by reviewing the entity's existing or proposed regulatory status, instruments, participants, trading or processing functions, market rules, clearing and settlement arrangements, reporting obligations, systems, governance, and providers.
We then identify the regulatory workstreams, operating dependencies, documentation, system information, and decisions required to move the project forward. The plan is based on the function the entity actually performs rather than the terminology used to describe the platform.
01
Understand the Market Function and Set Priorities
We begin by reviewing the entity's existing or proposed regulatory status, instruments, participants, trading or processing functions, market rules, clearing and settlement arrangements, reporting obligations, systems, governance, and providers.
We then identify the regulatory workstreams, operating dependencies, documentation, system information, and decisions required to move the project forward. The plan is based on the function the entity actually performs rather than the terminology used to describe the platform.
02
Establish the Team and Coordinate Operational Owners
Each engagement has a primary InnReg project lead who coordinates the day-to-day work. Additional subject matter specialists, senior reviewers, or compliance professionals are involved based on the market and scope.
We clarify responsibilities across compliance, legal counsel, market operations, surveillance, clearing or settlement teams, risk, finance, technology, and external providers. The workplan identifies who prepares, reviews, approves, and implements each material regulatory or operational item.
02
Establish the Team and Coordinate Operational Owners
Each engagement has a primary InnReg project lead who coordinates the day-to-day work. Additional subject matter specialists, senior reviewers, or compliance professionals are involved based on the market and scope.
We clarify responsibilities across compliance, legal counsel, market operations, surveillance, clearing or settlement teams, risk, finance, technology, and external providers. The workplan identifies who prepares, reviews, approves, and implements each material regulatory or operational item.
03
Execute and Track Regulatory and Operational Work
Applications, policies, rulebooks, regulatory filings, operational descriptions, testing, regulator requests, remediation, and client inputs are tracked through an organized project-management process.
InnReg commonly uses tools such as Asana and Google Drive and can collaborate within agreed client systems. Regular meetings and established communication channels connect regulatory deliverables with the technology and operating changes on which they depend.
03
Execute and Track Regulatory and Operational Work
Applications, policies, rulebooks, regulatory filings, operational descriptions, testing, regulator requests, remediation, and client inputs are tracked through an organized project-management process.
InnReg commonly uses tools such as Asana and Google Drive and can collaborate within agreed client systems. Regular meetings and established communication channels connect regulatory deliverables with the technology and operating changes on which they depend.
04
Review, Escalate, and Adapt
Matters involving market integrity, participant access, clearing risk, data accuracy, system incidents, conflicts, or regulator-facing submissions may require additional review by senior personnel, counsel, risk specialists, technical teams, or designated officers.
We use defined escalation paths and revisit priorities as products, instruments, participants, regulations, systems, or infrastructure relationships change.
04
Review, Escalate, and Adapt
Matters involving market integrity, participant access, clearing risk, data accuracy, system incidents, conflicts, or regulator-facing submissions may require additional review by senior personnel, counsel, risk specialists, technical teams, or designated officers.
We use defined escalation paths and revisit priorities as products, instruments, participants, regulations, systems, or infrastructure relationships change.
Resources
Latest Content
Why InnReg
Why Trading Venues and Market Infrastructure Businesses Work With InnReg
InnReg combines financial-services compliance experience with an operating perspective on technology-enabled markets. We focus on connecting regulatory classification and written requirements to the controls, people, systems, and evidence needed to operate the infrastructure.
Support Across the Regulatory Lifecycle
InnReg can support regulatory analysis, application workstreams, program development, recurring compliance, regulatory changes, testing, reviews, and remediation. This helps connect decisions made during design or registration with the controls required after launch.
Function-Specific Regulatory Analysis
We distinguish execution, brokerage, clearing, settlement, reporting, transfer-agent, and technology functions rather than treating every market platform as an “exchange.” The regulatory framework is mapped to what the entity actually does and the authority it exercises.
Compliance Connected to Market Operations
Market rules need to work inside the system. Participant access, order or transaction workflows, surveillance, clearing, settlement, reporting, system changes, data access, and escalation all inform how we design or assess the compliance framework.
Execution, Not Just Advice
Where included in the engagement, InnReg can carry the work forward through procedures, regulatory materials, filings, recurring reviews, testing, regulator responses, issue tracking, and remediation rather than stopping at a regulatory assessment.
Securities and Derivatives Experience
InnReg's market-structure work includes broker-dealer and ATS regulatory analysis, trading-platform compliance, supervisory program development, and derivatives and NFA-related work. Our team includes professionals with securities and derivatives qualifications who can be brought into the engagement according to the regulated activity.
Structured Coordination Across Specialists
Each engagement has a primary project lead, with specialists and senior reviewers added as needed. We coordinate with legal counsel, market operations, surveillance, clearing, risk, finance, and technology while keeping regulatory ownership and specialist boundaries clear.
FAQ
Trading Venue and Market Infrastructure Compliance FAQs
Trading Venue and Market Infrastructure Compliance FAQs
What types of trading venues and market infrastructure does InnReg support?
How do I know whether a trading platform is an exchange, ATS, DCM, or SEF?
What is the difference between a national securities exchange and an ATS?
Can InnReg support DCM or SEF registration and compliance work?
Can InnReg support clearing agency or DCO projects?
Does Regulation SCI apply to every trading platform?
Can InnReg help with market surveillance and rule-enforcement procedures?
Can InnReg help prepare for SEC or CFTC regulatory reviews?
Our Team
Meet the Team Supporting Trading Venue and Market Infrastructure Compliance
Talk to Our Market Infrastructure Compliance Team
Talk to Our Market Infrastructure Compliance Team
Who We Serve
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About InnReg
© 2026 InnReg LLC
305-908-1160
The content provided on this website is for informational purposes only and does not constitute legal, investment, tax, or other professional advice. InnReg LLC is not a law firm, tax advisor, or regulated financial institution. Viewing this site or contacting InnReg does not create a client relationship. Results described in case studies or testimonials may not be typical and do not guarantee future outcomes. Tools, spreadsheets, or guides available on this site are provided for illustrative purposes only and should not be relied upon without professional guidance. Any links to third-party websites are provided for convenience and do not constitute endorsement or responsibility for their content. The information on this site may not be applicable in all jurisdictions. While we strive to provide accurate content, we make no representations as to its completeness or timeliness. Some visual assets on this site are sourced from Freepik.
9100 S Dadeland Blvd
Suite 1500
Miami, Florida 33156
Who We Serve
By Regulated Firm Type
Services
How We Help
Resources
Downloads
About InnReg
© 2026 InnReg LLC
305-908-1160
The content provided on this website is for informational purposes only and does not constitute legal, investment, tax, or other professional advice. InnReg LLC is not a law firm, tax advisor, or regulated financial institution. Viewing this site or contacting InnReg does not create a client relationship. Results described in case studies or testimonials may not be typical and do not guarantee future outcomes. Tools, spreadsheets, or guides available on this site are provided for illustrative purposes only and should not be relied upon without professional guidance. Any links to third-party websites are provided for convenience and do not constitute endorsement or responsibility for their content. The information on this site may not be applicable in all jurisdictions. While we strive to provide accurate content, we make no representations as to its completeness or timeliness. Some visual assets on this site are sourced from Freepik.
9100 S Dadeland Blvd
Suite 1500
Miami, Florida 33156