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CBOE Fines Cowen on Registration Violations
[ by Howard Haykin ]
Cowen Company agreed to settle CBOE charges that the firm, operating as an Exchange Trading Permit Holder (“TPH”), violated Exchange Rule 3.6A, with respect to properly registering associated individuals as Proprietary Trader Principals (“TP”) in WebCRD on a timely basis.
CBOE Findings and Allegations. A sweep exam testing for compliance with Rule 3.6A, Interpretation 0.7, found that the firm had failed as required to register and qualify individuals as a Proprietary Trader Principal (TP) in WebCRD.when they act in one or more of the following capacities:
• Officer
• Partner
• Director
• Supervisor of proprietary trading, market-making or brokerage activities; and/or
• Supervisor of those engaged in proprietary trading, market-making or brokerage activities with respect to those activities.
In addition, the firm had until 11/5/11 to register in Web CRD a minimum of 2 individuals as TPs, but failed to do so.
CBOE Sanctions. Cowen & Company agreed to a $5K fine.
For further details, go to: [CBOE Disciplinary File No. 12-0101, 2/21/13].
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