This episode originally aired in November 2021.Transparency plays a central role in promoting the fairness and efficiency of U.S. markets, lowering transaction costs, leveling the playing field and enhancing public trust in our markets. And the data market transparency provides serves as the lifeblood of FINRA's surveillance program.On this episode, we hear the Market Regulation and Transparency Services’ Jon Kroeper, executive vice president of the Quality of Markets Group, and Ola Persson, senior vice president and head of Transparency Services, about FINRA's historical commitment to market transparency and how it has impacted FINRA's regulatory regime.Resources mentioned in this episode:Trade Reporting and Compliance Engine (TRACE)TRACE at 20 - Reflecting on Advances in Transparency and Fixed IncomeConsolidated Audit Trail (CAT)Regulatory Notice 20-43Advancing Market Regulation and TransparencyEpisode 13: How the Cloud and Machine Learning Have Transformed FINRA Market Surveillance