FINRA industry snapshot shows firm concentration and record U.S. trading activity

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FINRA industry snapshot overview

Highlights

Registered representatives hit 639,723 in 2025, up 5% since 2021, even as FINRA member firm numbers decline and sector concentration rises.
Average daily dollar volume in exchange-listed NMS stocks reaches a record $828 billion in 2025, over one-third higher than in 2022, with extended-hours trading accounting for about 20% of activity.
Listed options trading accelerates in 2025 as daily transactions climb to 8.4 million from 5.6 million in 2023, with zero days to expiration options comprising 30% of volume.

2026 report details industry structure and trading patterns

As reported by the Financial Industry Regulatory Authority, the 2026 Industry Snapshot provides aggregate data on member firms, registered representatives and market activity across the securities industry.

The report says registered representatives reach 639,723 in 2025, up 5% since 2021, extending four straight years of growth with 40,000 to 45,000 people entering the industry annually. At the same time, the number of FINRA member firms declines as concentration in the sector continues.

FINRA Executive Vice President, Chief Economist and Head of Regulatory Economics and Market Analysis Jonathan Sokobin says the report reflects an industry in transition, with growth in professionals, concentration among firms and changes in how and when investors trade. He says those shifts, alongside strong industry results, create both opportunities and challenges for investors, member firms and market participants.

Market trends point to broader changes in financial services

Dual registration has become the dominant model for financial professionals, with more than half of FINRA-registered representatives, or 331,802 people, holding both broker-dealer and investment adviser registration.

U.S. stock trading continues to climb, with average daily dollar volume in exchange-listed NMS stocks reaching a record $828 billion in 2025, more than one-third higher than in 2022. Extended-hours trading also grows and now accounts for about one-fifth of total trading activity.

Listed options trading also accelerates in 2025, with average daily transactions rising to 8.4 million from 5.6 million in 2023. Options contracts that expire the same day, known as zero days to expiration options, make up about 30% of all options transactions in 2025.

In our earlier article on the AI-driven stock market rally, we noted U.S. indexes hovering near record highs as technology shares led gains and Nvidia stayed central to investor enthusiasm. We also highlighted key crosscurrents for markets, including rising oil prices tied to geopolitical tensions and the upcoming U.S. jobs report as a potential catalyst for Federal Reserve rate expectations.

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