1. M-M, Floor Broker to pay $359K (trade reporting, material omission to Exchange). In the summer of 2007, Wolverine Trading, LLC, a Market-Maker (M-M) and Floor Broker, along with an associated person, allegedly submitted a Contrary Exercise Advice (“CEA”) after the 4:30 p.m. cut-off time. They each were censured and jointly and severally fined $50K and disgorged of $159K. CBOE then became aware that Wolverine had failed to produce documents and information to the Exchange in connection with the above investigation, whereupon CBOE fined Wolverine another $150K. Ouch!
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CBOE Stepped-Up Monetary Sanctions [part 1]
September 14, 2010
CBOE
recently published its August fines and sanctions, and one case was a "doozy" - a Market-Maker ("M-M") and its Floor Broker will pay nearly $360K in fines and disgorgement. Two other firms got $50K fines - making half the month's 6 cases "big ticket items."
After the jump, get C-I's case summaries, or click onto: [ CBOE Disciplinary
Action, 8/17 ]
2. M-M fined $12.5K (books, records). Nolita Capital, LLC,
a registered prop trader, in or about October 2009, failed to evidence the fingerprint records for 21 of 27 (78%) of Nolita’s associated persons.
3. Non-Member Conducting Customer Business fined $40K (systematizing orders). Dart Executions, LLC, for most of 2009 failed to systematize numerous option orders prior to representation and execution.
Cases 4, 5, 6 to follow - watch for update.
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