For years, retail investors and market watchdogs have pointed fingers at Wall Street giants like Citadel and JPMorgan as the primary operators of dark pools—private trading venues where large investors can trade securities away from public exchanges, often with minimal transparency.

However, a recent bombshell revelation from X user @anna_trades has shifted the spotlight onto an unexpected player: the Financial Industry Regulatory Authority (FINRA).

According to Anna’s meticulous research, FINRA—not Citadel—is the true kingpin of dark pool operations in America, owning and operating a network of hidden trading venues that have far-reaching implications for market fairness and retail investors.

This discovery has sparked outrage among retail investors, who are now mobilizing on social media platforms like X to demand accountability and reform.

FINRA’s Dark Pool Dominance: A Hidden Network Exposed

Dark pools, formally known as Alternative Trading Systems (ATS), are designed to allow institutional investors to execute large trades without impacting public market prices.

While they serve a purpose, their lack of transparency has long been a point of contention, as they can obscure market activity and potentially enable manipulative practices.

Historically, firms like Citadel have been the poster children for dark pool controversies, often accused of using these venues to gain an unfair advantage over retail investors.

However, @anna_trades’ post on May 18, 2025, backed by a detailed ChatGPT 4.0 analysis, reveals that FINRA operates a far more extensive and insidious network of dark pools than previously understood.

According to the ChatGPT analysis shared by Anna, FINRA owns and operates several hidden trading venues, including:

• XADF (Alternative Display Facility): A platform for off-exchange trading.
• OTCBB (Over-the-Counter Bulletin Board): Claimed to be closed but still appearing in Level II data, suggesting ongoing activity.
• OOTC/OTC OTHER: Heavily used in off-exchange trades.
• OTC-UTP: Utilized for National Market System (NMS) stocks traded off the tape.

These venues, Anna argues, enable practices such as wash trading, unreported or delayed trade reporting, synthetic short exposure hidden from public markets, and a lack of transparency that benefits large institutions at the expense of retail investors.

The ChatGPT analysis further notes that FINRA’s dual role as both a regulator and operator creates a “blatant conflict of interest,” as it regulates the same entities it competes with, including firms like Citadel, Virtu, and JPMorgan, while also running the system those firms rely on.

“FINRA IS THE PLAYER, THE REFEREE, AND THE STADIUM,” Anna declares in her post, emphasizing that FINRA operates with little to no oversight from Congress, allowing it to hide trades and regulate itself unchecked.

This revelation flips the narrative on its head: while Citadel has been the public face of dark pool criticism, FINRA’s role as a self-regulating organization (SRO) with its own dark pool infrastructure positions it as a far more systemic threat to market integrity.

Retail Investors’ Outrage: A Call to Action

The revelation of FINRA’s extensive dark pool operations has ignited a firestorm among retail investors, particularly those who have long felt marginalized by Wall Street’s opaque practices.

Retail investors, already wary of market manipulation following high-profile cases involving stocks like GameStop (GME), AMC, and Meta Materials (MMTLP), see FINRA’s dark pool operations as further evidence of a rigged system designed to favor institutional players over everyday investors.

The implications of FINRA’s dark pools are particularly alarming for retail investors’ 401(k)s, pensions, and Thrift Savings Plans (TSP), which Anna warns are “AT RISK” due to the infinite liquidity pools FINRA allegedly operates.

These pools, she claims, are “destroying companies, investors, CEOs, and RETAIL” by enabling unchecked short selling and market manipulation.

For retail investors, the lack of transparency in these venues means they are often left in the dark about the true supply and demand dynamics of the stocks they own, potentially leading to artificial price suppression and significant financial losses.

Voices from X: A Community United in Anger and Action

The X community has rallied around Anna’s findings, with users expressing a mix of shock, anger, and determination to hold FINRA accountable.

@kshaughnessy2 praised Anna’s work as “outstanding,” while @BAMinvestor urged her to “keep the pressure on them.”

This imagery captures the sentiment of many retail investors who feel powerless against the shadowy forces of Wall Street.

Other users, like @RippleWon1589, called for collective action, writing, “ 𝕐𝕠𝕦’𝕣𝕖 𝕓𝕝𝕠𝕨𝕚𝕟𝕘 𝕥𝕙𝕖 𝕝𝕚𝕕 𝕠𝕗𝕗, @anna_trades! FINRA’s 𝒅𝒂𝒓𝒌 𝒑𝒐𝒐𝒍 𝒈𝒂𝒎𝒆 𝒊𝒔 𝒖𝒑! Let’s rally—𝖜𝖍𝖔’𝖘 𝖎𝖓 𝖙𝖔 𝖉𝖊𝖒𝖆𝖓𝖉 𝖆𝖓𝖉 𝖊𝖝𝖕𝖔𝖘𝖊 𝖙𝖍𝖊 𝖙𝖗𝖚𝖙𝖍? Share & tag Congress!”

Similarly, @AnthonyT561479 cheered, “Awesome Anna! Let’s go everyone!,” while @Sadyzgirl highlighted the implications for specific stocks like MMTLP, stating, “No way #MMTLP can have a trading resolution.

The fox owns the hen house.”

The outrage extends beyond FINRA to the broader financial ecosystem, with users like @DryBulkOne pointing out the role of brokers in the collusion: “Actually one has to also ask who benefits the most: the brokers.

Everyone colluded and continues to collude.”

@Stef_carpedm likened FINRA to a mafia-like entity, writing, “Equal the mob, FINRA is one of the ‘five families.’”

Meanwhile, @whisskier emphasized FINRA’s deep ties to the SEC, noting that FINRA operates as “an IT SERVICE ARM for SEC,” further complicating its role as a supposedly independent regulator.

A Deeper Look: FINRA’s Conflicts of Interest and Lack of Oversight

FINRA’s dual role as both a regulator and a dark pool operator raises serious questions about conflicts of interest—a concern that FINRA itself has acknowledged in past reports.

Historically, FINRA has noted that conflicts of interest can lead to “compliance and supervisory breakdowns,” compromising the quality of service provided to clients.

However, Anna and many retail investors argue that FINRA’s self-regulatory status means it faces no meaningful oversight, effectively allowing it to write its own rules and shield its activities from scrutiny.

The ChatGPT analysis shared by Anna underscores this issue, stating, “FINRA regulates Citadel, Virtu, JPMorgan, and all the others—while also running the system those firms use to hide trades.”

This lack of accountability is compounded by the SEC’s alleged complicity, with Anna claiming that the SEC “is part of it” and “writes the loopholes” that protect the system.

For retail investors, this revelation shatters any remaining trust in the regulatory framework meant to protect them, fueling calls to bypass the SEC entirely and appeal directly to Congress, the FBI, the DOJ, and even the President for action.

Also Read: Expert Predicts Massive Panic Will Trigger Short Squeeze Across the Market

The Path Forward: Demands for Transparency and Reform

Anna’s post concludes with a rallying cry: “PLEASE SHARE & CALL CONGRESS NOW! DEMAND AN INVESTIGATION. I have the evidence to SHUT FINRA DOWN FOREVER.”

Retail investors are heeding this call, using hashtags like #ExposeTheRig and #FINRAFraud to spread the word and pressure lawmakers to act.

The urgency of the situation is palpable, as investors fear that without immediate intervention, the unchecked power of FINRA’s dark pools will continue to erode market fairness and jeopardize their financial futures.

For retail investors, the fight is not just about FINRA but about reclaiming a market that works for everyone—not just the institutional elite.

Whether this grassroots effort will lead to meaningful change remains to be seen, but one thing is clear: retail investors are no longer willing to sit idly by while the “rig” operates in the shadows.

Also Read: SEC Now Responds to Retail Investors on Illegal Manipulation

A Wake-Up Call for the Financial System

The discovery of FINRA’s extensive dark pool operations marks a turning point in the ongoing battle for market transparency and fairness.

By exposing FINRA as the “true giant” of dark pools—surpassing even Citadel in scope and influence—retail investors have gained a new target in their fight against Wall Street corruption.

The outrage on X reflects a growing awareness among retail investors that the system is not just tilted against them—it’s fundamentally broken.

As this story unfolds, the pressure on Congress and federal authorities to investigate FINRA’s practices will only intensify, potentially reshaping the future of financial regulation in America.

For now, retail investors are united in their resolve: the time for accountability is now.

But I’m curious to know what you think — leave your thoughts below or start a discussion in the Retail Investor Forum.

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Also Read: Hedge Fund Now Freezes Ability For Customers To Withdraw Money

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