FINRA regulates broker-dealers operating in the OTC market, which is a decentralized market where participants trade directly without exchange oversight. This results in less transparency and regulation compared to conventional stock exchanges. The New York Fed supports OTC derivative reform efforts and there is no single regulator governing the various types of derivatives in the market. To protect unsophisticated parties, the SEC can suspend trading in any stock for up to ten days. Recently, the SEC adopted amendments to enhance regulations in the OTC market.