As the public increasingly invests in the securities markets, litigation between the securities industry and its customers has mushroomed. At present, securities disputes are primarily channeled into arbitration or submitted to mediation, principally at a forum provided by the Financial Industry Regulatory Authority. In general, arbitration and mediation provide the advantage of a speedy resolution of securities disputes by persons knowledgeable in the area, without excessive costs. This article suggests that the current system resembles humpty dumpty after his great fall: the present method of qualifying and selecting self-regulating organization (SRO) arbitrators is broken beyond repair and needs a complete overhaul. Securities arbitration will remain a dispute resolution option regardless of whether there is one SRO forum or many, or whether arbitration is mandatory or voluntary. The rules and regulations governing the qualifications and selection of arbitrators are derived primarily from two separate Codes of Arbitration.