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Stories of Interest
- Banca IMI Securities to Pay $35Mn for Improper Handling of ADRs in Continuing SEC Crackdown
- Members of White House ‘Arts Panel’ Resign En Masse in Protest of Trump
- FINRA Whiffs on Disciplinary Sanction: Bill Singer's 'Negligent Market Manipulation in OTC Stock Promotion'
- Heather Heyer’s Mother Says, ‘I’m Not Talking to the President’
- Goldman Sachs May Have Lost $100Mn on Energy Bet Gone Wrong
- SEC Drops Case Against Ex-JPMorgan Traders Over 'London Whale'
- Financial Advisers That Invest in Technology Need to Accomplish These Two Things
- FINRA Amends Codes Regarding Expedited Arbitrator List Selection
- FINRA July 2017 Quarterly Disciplinary Review (Podcast)
- Senior Exec in Citigroup's Equities Unit Has Left
- Prudential Plotting its Escape From Fed's Tough Oversight
- Why CEOs Spurned Trump's Business Councils, in Their Own Words
- A Stockbroker, Her LLC, and Her Customers' Loans (Or Investment?) - Bill Singer
- Brian Quintenz Sworn In as CFTC Commissioner
- A Gary Cohn Resignation Would 'Crash the Markets' – Mgmt Guru Jeffrey Sonnenfeld
- Trading Firm DRW to Buy RGM Advisors - As Low Volatility Forces Out Weak HFT Players (subsc reqd)
- Reputational Damage - Rajat Gupta on Hard Road to Recovery
- 7th Circuit Affirms Spoofing Conviction - Bill Singer
- Wells Fargo Announces Board Changes
- Judge Rules Against Ex-Goldman Employee in Fed Leak Case
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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.