Ketchum: What this industry is missing when it comes to CARDS

Finra must demonstrate how its controversial data-collection system will benefit investors in order to quell mounting criticism of the proposal, the organization’s leader said Friday. “We think the benefits are absolutely obvious, but we recognize it’s always our obligation to look closely at costs,” said Richard Ketchum, Financial Industry Regulatory Authority Inc. chairman and chief executive. “We’d be delighted to quantify [the benefits],” he said at a Consumer Federation of America conference in Washington. “I think that’s in the hundreds of millions of dollars from the standpoint of potentially averted investor harm.” More on Investment News here.