[Excerpt] This article reports on the results of our recent study of 3,200 arbitration awards issued in employment cases administered under the auspices of FINRA, its predecessor the National Association of Securities Dealers (NASD), and the New York Stock Exchange (NYSE). It responds to Colvin’s call for more empirical research while providing some data on the debate over the fairness of mandatory employment arbitration agreements in the securities industry. After disclosing the limitations of our study and presenting our findings with regard to the FINRA cases, we consider how these findings bear on the debate about mandatory arbitration, specifically whether or not our findings show a repeat player effect in the FINRA employment cases, or show that employees fared better under FINRA’s voluntary arbitration than under mandatory arbitration, or that FINRA employment arbitration does not protect employee civil rights.