My reaction after reading the reg was pretty much in accordance with Yellow123's. I think the SEC, FINRA and the clearing BDs all know full well how all these LLCs are doing business and are allowing them to operate in a gray area unless there is malfeasance. Their existence is no secret and...
You might want to re-read that reg. I don't think it states what you think it does. It imposes obligations on FINRA BD's, not on the private-equity firms/funds/LLCs, etc., that use them. The latter, I'm guessing (not a lawyer!), probably still have leeway to organize their own operations and...
I have not used either Ninja or Redi. WinItAll, could you very briefly summarize what you consider to be the pros and cons of those platforms as compared to others you've seen or tried?