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Our Take Blog

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Our Take Blog
BD Fined $2 Million for Trade Reporting Violations

BD Fined $2 Million for Trade Reporting Violations

FINRA fined a large broker-dealer $2 Million for trade reporting violations. FINRA cited the BD for a large number of erroneously reported non-bona fide transactions at the opening of a triple witching trading session, significant OATS and TRACE reporting omissions, and failures to monitor operational controls for its trading systems.

OUR TAKE: FINRA has been stepping up its emphasis on price reporting systems to enhance transparency. This large fine signals FINRA’s seriousness.

http://www.finra.org/Newsroom/NewsReleases/2009/P118157

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