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NYSE & ARCA Disciplinary Actions for May 2018
by Howard Haykin
In May, the New York Stock Exchange reported the following disciplinary settlements with NYSE and ARCA member firms
Wolverine Trading agreed to a $45K fine to settle ARCA charges ... it failed to establish and maintain an adequate system of risk management controls and supervisory procedures, including WSPs and an adequate system of follow-up and review, reasonably designed to manage the financial, regulatory, and other risks of providing market access business. [5/1/18]
IMC Financial Markets agreed to a $57.5K fine to settle NYSE charges ... it failed to maintain continuous, two-sided trading interest in approximately 1,317 instances. [5/2/18]
JPMorgan Securities agreed to a $30K fine to settle ARCA charges ... it failed to establish, maintain, and enforce written policies and procedures pertaining to the handling of intermarket sweep orders. [5/4/18]
Citadel Securities agreed to a $20K fine to settle ARCA charges ... it submitted a clearly erroneous execution petition without a factual basis for believing that the subject trade was clearly erroneous. [5/15/18]
IMC Financial Markets agreed to a $7.5K fine to settle ARCA charges ... it failed to maintain continuous, two-sided trading interest in 3,898 instances. [5/15/18]
Sea Otter Securities Group agreed to a $115K fine to settle ARCA charges ... it: (i) populated approximately 25 million orders entered on the NYSE Arca Marketplace with the incorrect capacity code; (ii) violated Reg SHO by incorrectly marking 160 sell orders; (iii) failed to maintain continuous, two-sided trading interest in approximately 1,138 instances; and, (iv) failed to adequately review the effectiveness of its risk management controls and supervisory procedures. [5/17/18]
RBC Capital Markets agreed to a $25K fine to settle ARCA charges ... it failed to have adequate controls and supervisory procedures to prevent the entry of erroneous orders by rejecting orders that exceed appropriate price or size parameters, on an order-by-order basis or over a short period of time. [5/25/18]
