Mr. Kroeper brings more than three decades of regulatory and market structure experience in equity and fixed income products in roles at the Securities and Exchange Commission (SEC), at the Financial Industry Regulatory Authority (FINRA), and in the private sector. He has expertise in a broad range of regulatory areas, including: market manipulation and market abuse; SEC and SRO rules regarding customer order handling and best execution; compliance with market conduct rules applicable across exchange and over-the-counter markets; and order and trade regulatory reporting systems.

Mr. Kroeper most recently was Executive Vice President, Quality of Markets at FINRA, where he was responsible for leading FINRA’s equity and fixed income market surveillance and investigative program. In this role, he oversaw the implementation of the first fully cross-market equity surveillance program covering all U.S. equity market activity and the expansion of fixed income surveillance to include all TRACE- and MSRB-reportable products. He also introduced improvements to surveillance program efficiency and efficacy through the implementation of new methodologies, including AI-based surveillance.

While at FINRA, Mr. Kroeper served as Chair of the Intermarket Surveillance Group, an association of U.S. and international exchanges. He also served as FINRA’s representative to the Consolidated Audit Trail (CAT) and led the development of FINRA’s CAT compliance program for the industry and the transition of FINRA’s own surveillance program to incorporate CAT data.

Among the many investigative outcomes in his tenure at FINRA were the first layering manipulation actions in equities and U.S. Treasuries, the first CAT reporting action, multiple significant actions relating to customer order handling rules and best execution, and the first supervisory controls action against a high-frequency trading firm.

Mr. Kroeper was previously Counselor to the Chair and two Commissioners at the SEC, where he handled market regulation, enforcement, and other issues before the Commission. In addition, he was First Vice President and Associate General Counsel at Instinet Group Incorporated, representing the firm’s agency brokerage and alternative trading systems businesses in interactions with the SEC, SROs, and non-U.S. regulators. He began his career on the SEC staff, where he was a Senior Counsel in both the SRO examination and rulemaking groups.

Mr. Kroeper received his B.A. in government from Georgetown University and a J.D., cum laude, from Chicago-Kent College of Law.