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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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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.