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Stories of Interest
- New Cyberattack Goes Global, Hits WPP, Rosneft, Maersk
- Deutsche Bank Said to Lose as Much as $60Mn Over Derivative Trade
- Dimon Says JPMorgan Headcount to Keep Rising Despite Automation
- RBS to Cut 443 Jobs In UK, Move Many of Them to India
- Deutsche Bank Bullish on London Despite Brexit
- Supreme Court Nears Finish With Big Cases, Retirement Rumors
- The Richest Person in Every State
- LPL Tabs Scott Seese, Former eBay Exec, as Chief Information Officer
- Fired Biglaw Associate Arrested for Trying to Extort Partners
- Canada's CIBC Completes $5Bn PrivateBancorp Buy
- Word ‘Women’ Literally Never Appears in U.S. Senate’s 142-Page Health-Care Bill
- Stephen Pierce, Goldman Sachs Global Head of Equity Markets, To Retire
- Al Gore 'Not Very Smart,’ But Became Filthy Rich Using Simple Investing Formula - Charlie Munger
- U.S. Regulators, Lawmakers Support Volcker Rule Revamp at Hearing
- Morgan Stanley Opts for Frankfurt as New EU Hub
- A New Risk for Goldman, Morgan Stanley in Stress Tests (subsc reqd)
- A Trump Bump for Law Firm of President’s Lawyer - Kasowitz Benson Torres
- JPMorgan, BofA, Goldman, Citi, Wells Fargo Pass Fed's Stress Test
- Blackstone Stock Still Trading at $31 - Its IPO Price From 10 Years Ago
- NJ Resident and NY-Based Global FX Club Charged with Solicitation Fraud, Misappropriation - CFTC
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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.