A more thorough explanation:

The discovery process is a phase in which both parties involved in a securities dispute research and investigate the facts and events that led to the claim. During this phase, parties have access to information that was previously inaccessible to them. However, some parties may try to avoid disclosing unfavorable information.

In Financial Industry Regulatory Authority (FINRA) arbitration, parties are required to cooperate to the fullest extent possible in discovery. If a party is uncooperative, measures can be taken to compel discovery, including orders from the panel directing one party to disclose certain information and even sanctions for difficult parties.

Subpoenas and Orders to Appear or Produce are also available to parties. These allow the parties to force production of either a witness or a document. Witnesses may be deposed in order to obtain a written record of their statements.

For example, in a securities dispute between a customer and a broker, the customer may request documents such as account statements, trade confirmations, and correspondence with the broker. The broker may request documents such as the customer's financial statements and tax returns.

Overall, the discovery phase is an important part of securities dispute resolution as it allows both parties to gather necessary information to support their case.