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- Former JPMorgan Broker Files racial discrimination suit against company
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Deutsche Bank to Pay $3.25Mn for Deficient Disclosures About Its ATS - FINRA
Deutsche Bank Securities has agreed to pay $3.25 million to settle FINRA charges that it provided inconsistent information to clients of its Alternative Trading System (ATS). An ATS is a trading venue that executes trades in securities on behalf of broker-dealers and other traders. SEC Regulation ATS requires that ATS operators disclose certain information to the SEC by filing a Form ATS.
In its Form ATS, Deutsche Bank represented that it would provide all ATS users with “identical access to all services and features” offered by the ATS.
However, Deutsche Bank allegedly failed to timely or completely disclose to all users the availability of certain ATS services and features, most of which involved the ability to include or exclude counterparties or groups of counterparties against whom orders would execute. As a result, some ATS clients - including HFT firms - requested and received services that others may not have known were available – thus effectively precluding clients from receiving identical access to all services and features offered by the ATS.
