Wall Street's industry funded watchdog returned $20 million to U.S. brokerages in 2014 after a "strong" year that ended with a $120 million profit, according to the regulator's annual report released on Monday.
The Financial Industry Regulatory Authority (FINRA) brought in $997 million in net revenues, up from $901 million in 2013. FINRA also lowered its expenses to $965 million, from $999 million in 2013. Revenues and other factors combined to boost FINRA's profit from just $1.7 million in 2013.
Brokerages shared a $20 million rebate for the second consecutive year as a result of operating revenue totaling $864 million, which FINRA collects from firms through fees for membership, trading and other services.
Each firm received $1,200 plus a pro-rated share of their regulatory fees, according to FINRA's website.
FINRA's Chairman and Chief Executive Richard Ketchum earned a total of $2.9 million in compensation and benefits in 2014, up from $2.6 million in 2013. He was among seven top FINRA executives who earned more than $1 million in 2014.
Ketchum is earning a total of $2.5 million in salary and incentive compensation this year, but FINRA will not determine additional figures for Ketchum's deferred compensation and benefits until the end of December, it said. (Reporting by Suzanne Barlyn)
