Financial Industry Regulatory Authority Chairman and Chief Executive Officer Richard Ketchum said Monday the agency will consider mandating additional transparency for a large amount of trading that occurs away from exchanges.

He said this move, which would not apply to trading in private forums called dark pools, would come on the heels of Finra’s first reports later this month on the volume of individual stocks traded on alternative trading systems. Ketchum added Finra is supporting the SEC’s work in enhancing the openness of off-exchange trading.

He said action is needed by the SEC on high frequency trading, but those actions have to be based on sound information.

Ketchum noted Finra has more than 170 investigations open on abusive algorithms and deficient order controls.

In speaking at the conference, Ketchum said progress is being made at restoring investor confidence and added his voice to that of SEC Chairman Mary Jo White declaring “the markets aren’t rigged.”

“The equity and options surveillance operated by Finra and the exchanges never has been more focused or effective at identifying manipulation or disruptive trading activity,” he said.

Ketchum and other leaders in the securities industry have come to the vocal defense of the industry in recent weeks following the contention of Michael Lewis in his bestseller Flash Boys that high frequency trading has rigged the markets through manipulation and disruption.

On another issue, the he said Finra has expanded an initiative begun last year to target the riskiest brokers by establishing a specific enforcement team.

Finra's High Risk Broker Program uses complaints, tips, arbitrations and field reports from exams to spotlight potentially troublesome brokers that the authority should investigate, Ketchum said.