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Stories of Interest
- This Family Bet It All on Bitcoin
- Clearinghouses Pass CFTC Liquidity Stress Tests
- President Trump Admits He’s Trying to Kill Obamacare. That’s Illegal.
- Trump Plunges Down List of ‘America’s Richest’
- Is Trump’s “Foreclosure King” in Over His Head?
- FBI Arrests NCAA Basketball Coaches and Adidas Rep in Bribery Probe Involving Recruitment
- Equifax CEO Steps Down Amid Hacking Scandal
- Litigation Costs to Rub Salt in RBS Investor Wounds
- RIAs Poised to Land Wirehouse Recruits - Dan Jamieson
- Citibank and U.K. Affiliate to Pay $550K Penalty for Swap Data Reporting Violations - CFTC
- AIG to Restructure into 3 New Units, Marking CEO's First Big Move
- Accounting Firm Deloitte Says It Suffered Cyberattack (subsc reqd)
- Upcoming FINRA Board Meeting and FINRA360 Update
- Elizabeth Warren Lifts Hold on Trump DOJ Antitrust Nominee
- Bigger Mergers Narrow Indy Reps' Options, Alter IBD Channel - Dan Jamieson
- Dentons to Merge with U.K.'s Murray & Spens
- BigLaw Hogan Lovells Announces Hundreds of Buyouts, Layoffs - Almost 500 Affected
- Faith-Based Advisor Censured for Selling Class A Shares to Clergy
- After FINRA Bar, CFP Board Suspends Texas Advisor
- iCapital Network to Acquire U.S. Private Equity Access Fund Platform from Deutsche Bank
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NEWSLETTERS & ALERTS
NYSE Disciplinary Actions for May 2017
Consolidated Trading Fined $10K. [NYSE Arca - #2017-03-00019 - 5/23]
Respondent violated: (i) NYSE Arca Equities Rule 7.33 by failing to populate orders entered on the NYSE Arca Marketplace with the correct capacity code; and (ii) NYSE Arca Equities Rule 6.18(b) by failing to have in place a supervisory system reasonably designed to ensure the submission of orders to the NYSE Arca Marketplace with the correct capacity codes.
Interactive Brokers Fined $230K. [NYSE Arca - #20120347730-01 - 5/23]
Respondent violated: (i) Exchange Act Rules 15c3-5(b) and (c)(1)(ii), and NYSE Arca Equities Rules 6.18 and 2010, by failing to establish, document, and maintain a system of risk management controls and supervisory procedures, including written supervisory procedures and an adequate system of follow-up and review, reasonably designed to manage the financial, regulatory, and other risks of its market access business, including pre-trade controls to prevent the entry of erroneous orders by rejecting orders that exceed appropriate price or size parameters; and (ii) Exchange Act Rules 15c3-5(b) and (c)(2), and NYSE Arca Equities Rules 6.18 and 2010, by failing to establish, document, and maintain a system of risk management controls and supervisory procedures, including written supervisory procedures and an adequate system of follow-up and review, reasonably designed to manage the financial, regulatory, and other risks of its market access business to ensure compliance with all regulatory requirements, including supervising customer trading to detect and prevent potentially violative activity.
Old Mission Capital Fined $125K. [NYSE Arca - #20140411317 – 5/22]
Respondent violated (i) NYSE Arca Equities Rules 2010 and 7.33 by failing to mark orders with the appropriate designator to identify them as proprietary, and (ii) NYSE Arca Equities Rules 2010, 6.18(b) and 6.18(c) by failing to establish and maintain a system and written supervisory procedures reasonably designed to achieve compliance with Arca Equities Rule 7.33.
IMC Financial Markets Fined $85K. [NYSE Arca - #2016-07-01311 – 5/4]
Respondent violated: (i) NYSE Arca Equities Rule 7.23 by failing to maintain continuous, two-sided trading interest in approximately 79,382 instances and (ii) NYSE Arca Equities Rule 6.18(b) by failing to establish and maintain adequate supervisory procedures reasonably designed to ensure compliance with NYSE Arca Equities Rule 7.23.
KCG Americas Fined $35K. [NYSE - 2016-03-00052 – 5/2]
This matter arises from investigations conducted by the NYSE Regulation Surveillance & Investigations group and FINRA' s Department of Market Regulation into NYSE Designated Market Maker participation in August 2015. NYSE Rule 104(a)(I) requires that a DMM, with respect to securities for which it is registered, must assist the Exchange "by maintaining a continuous two-sided quote with a displayed size of at least one round lot." KCG's DMM unit did not quote on both sides of the market in its assigned symbols while its risk controls were engaged - in violation of Rule 104(a)(1).
Andrie Trading Fined $20K. [NYSE Arca - #2016-01-04-00001 – 5/1]
Respondent violated Rules 15c3-5(b) and (c)(1)(ii) by failing to establish, document, and maintain controls that were reasonably designed to prevent the entry of excessive quotes into the market.