RJ and Makay

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Nearly twice as many broker-dealers closed down in 2010 than had opened, a trend that is likely to get worse before it gets better, according to a report by the research firm The Compliance Department, Inc.  From May 2010 to May 2011, 336 broker-dealers alerted the Financial Industry Regulatory Authority (FINRA) that they were shuttering their businesses. 190 new firms were admitted by FINRA during that same time period.