Markets Media spoke with Stephanie Dumont, Executive Vice President, Market Regulation and Transparency Services at FINRA, who won the Excellence in Regulation award Markets Media Group’s 2025 U.S. Women in Finance Awards

How would you describe your approach to promoting fairness and transparency across U.S. markets?

Broad access to information furthers fair and transparent markets, investor confidence and, ultimately, the success of our U.S. markets.  I feel fortunate and proud to have been, and continue to be, part of FINRA’s efforts over time to support critical market transparency with the care and study required to foster overall market quality.

Take TRACE, for example – our fixed income trade reporting and dissemination facility. TRACE today is widely viewed as essential fixed-income market infrastructure. But prior to its introduction in 2002, there was no neutral, centralized, public-facing platform to disseminate bond transaction data. Fixed income markets were opaque, regulators lacked critical data to support policy decisions, and we were limited in our capabilities to conduct surveillance and oversight.

We implemented TRACE gradually and deliberately, first with regulatory reporting only and then a multi-phased public dissemination roadmap, starting with large, investment-grade bonds and later expanding to smaller, less active issues. This allowed FINRA and the public to study the impact of transparency on liquidity. We used this same model when we began collecting transaction data for Treasury securities in 2017.

And now with TRACE, market participants have access to reliable and timely information about bond prices and market activity, during normal times and in moments of stress. Academics observed a steady reduction of bid-ask spreads and related execution costs for investors – key indicators of a more liquid and efficient marketplace. And we have robust, reliable data to serve as the foundation for our regulatory surveillance program and insightful academic research.

While FINRA operates the TRACE facility, it wouldn’t be successful without the significant efforts of market participants. Bond dealers made enormous investments in their trading, compliance and reporting systems to ensure accurate and timely trade information flows into TRACE. Investors, trade associations, academics and others have provided valuable insights and perspectives on how various changes to TRACE might impact the markets. I view TRACE as a great example of how regulators and market participants can work closely and constructively to make the markets work better for everyone.

What’s one piece of advice you’ve received that you find yourself returning to throughout your career?

It’s from Peyton Manning (not directly!): “The most valuable player is the one who makes the most players valuable.” That has been a perfect guide for me in my career and lets me embrace my strengths, one of which is seeing other people’s strengths and figuring out how best to maximize them – where they fit in on a team where they’ll be most effective. I truly enjoy that process. It also brings teams together because we all win when the team succeeds.

We all have leadership qualities we excel at and others where we have opportunities to learn new skills. Leadership presents in many different ways – and it’s not about titles. It’s about how you show up and how your words, attitude and presence make others show up. I try to create space to be open-minded and encourage innovation, rather than leading with “this is how we’ve always done it.”

What qualities or skills have helped you succeed in leading complex market oversight programs?

One thing I have relied on in my career is embracing my own curiosity.  We all have a natural curiosity, but we are not always encouraged to explore it when we are younger. I remember when I started my first investigative role with FINRA, formerly NASD, I thought, ‘Wow, I’m getting paid to work on and hopefully solve puzzles all day.’  Being curious felt like a superpower when I was taking on those tasks.  And given how fast we see our markets evolving, curiosity is a necessary quality to lead complex market oversight programs.

I have really enjoyed getting to learn new things and take on new initiatives in times of change, like when I recently took on my new role as FINRA’s Chief Market Services Officer.  Curiosity can help you confront new situations and challenges and drive you forward.  It activates fresh thinking and a learning mindset to find answers proactively. I have also found that there is a power in curiosity when it is shared within a group or team. It fosters greater engagement, motivation and productivity.  We are all on this journey together to find answers and it makes the work more enjoyable.  Most of all, curiosity generates better results – for yourself, your colleagues and your entire organization.