FINRA's 2026 Report: Broker Dual Registration Continues to Rise; 0DTE Options Trading Regulatory Trends

FINRA announced the release of its 2026 Industry Snapshot, an annual report summarizing aggregate data on FINRA member firms, registered representatives, firm revenues, and market activity.

The release highlights an industry that is growing in registered professionals but becoming more concentrated among fewer firms. FINRA reported that registered representatives reached 639,723 in 2025, up 5% since 2021, with roughly 40,000 to 45,000 people entering the industry each year.

A major theme is the continued rise of dual registration. More than half of FINRA-registered representatives—331,802 individuals—are now registered both as broker-dealer representatives and investment adviser representatives.

The release also notes significant growth in market activity. U.S. stock trading reached record levels in 2025, with average daily dollar volume in exchange-listed stocks rising to $828 billion, more than one-third higher than in 2022. Extended-hours trading now accounts for about 20% of total trading activity.

Options trading also increased sharply. Average daily listed-options transactions reached 8.4 million in 2025, up from 5.6 million in 2023. Same-day-expiration options, or 0DTE options, represented about 30% of all options transactions in 2025.

Overall, FINRA frames the report as part of its transparency effort, while noting that the industry’s growth, firm concentration, evolving trading patterns, and strong financial results create both opportunities and regulatory challenges.

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