Arbitrator selection has always been one of the most important parts of the arbitration process, and FINRA has strived over the years to make the process fair. Unfortunately, it is not as transparent as it might otherwise be. FINRA’s arbitrator appointment process uses the Neutral List Selection System which FINRA claims randomly generate lists of arbitrators from FINRA’s arbitrator roster. The number of lists generated, and the number of arbitrator names per list, depend on the specific case type.
Source: Insight into the FINRA Arbitrator Selection Process
