Compromise in the Cards

Industry members raise concerns as the potential implementation date for Finra's Cards comes closer

vickery
Christopher Vickery, chief operations officer of the Americas and global head of enterprise data management at Nomura Securities, speaks at a panel about the concerns and progress around Finra's Cards.

Since its initial concept proposal in 2013, the Comprehensive Automated Risk Data System (Cards) has not received a ton of support. To put it mildly, the massive data collection system proposed by the Financial Industry Regulatory Authority (Finra) has not been a crowd favorite.

In theory, Cards' goal of helping regulators identify red flags in sales practices is sound. However, that hasn't stopped many from raising concerns about how the system will be run.

A brief look at the comments section

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