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They did this through self-regulatory organizations called the National Association of Securities Dealers, or NASD, and its modern successor, the Financial Industry Regulatory Authority or FINRA.

It paid another $1 million fine the same year for “knowingly, or at a minimum, recklessly” sending flawed data to NASD, Finra’s predecessor, according to the firm’s Finra records.

At the time he worked there, SEC Chairman Mary Schapiro and Democratic Commissioner Elisse Walter were both high-ranking officials at NASD.

FINRA's role as a regulator includes monitoring the exchange's trading activity and providing surveillance for insider trading - services that are remnants from when Nasdaq was owned by FINRA's predecessor, the National Association of Securities Dealers, or NASD.

He headed the NASD’s Dallas office from 1999 to 2003, Finra said in a 2009 report.