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Retail FX

FINRA Hits Webull with $3M Fine for Permitting Unqualified Options Traders

FINRA also faulted Webull's supervisory system.
The regulator has fined SageTrader, UBS Securities and others since the start of the year.

Thursday, 09/03/2023 | 21:32 GMT by Solomon Oladipupo

Institutional FX

FINRA Hits SageTrader with New $100k Fine for AML Failure

The violation allegedly occurred between April 2016 and December 2019.
FINRA fined SageTrader $775K for supervisory failures in July last year.

Wednesday, 08/02/2023 | 20:31 GMT by Solomon Oladipupo

Institutional FX

FINRA Slams $475K Fine on UBS Securities—Second in 4 Months

UBS released 41 reports between 2015 and 2019 allegedly containing inaccurate details.
The broker-dealer has agreed to settle without admitting or denying FINRA's findings.

Monday, 06/02/2023 | 16:41 GMT by Solomon Oladipupo

Executives

FINRA Head of Enforcement, Jessica Hopper, to Exit after 18 Years

Hopper joined FINRA in 2004 as an Enforcement Attorney.
FINRA issued its largest financial penalty under Hopper's leadership.

Tuesday, 24/01/2023 | 22:13 GMT by Solomon Oladipupo

Institutional FX

FINRA Fines BGC Financial $175K for TRACE Reporting Errors

BGC reported the execution times in seconds instead of milliseconds.
The company agreed to settle with the self-regulatory agency.

Monday, 23/01/2023 | 08:53 GMT by Arnab Shome

Institutional FX

FINRA Fines Nomura Securites $125k for Miscalculating Its Net Capital

Nomura allegedly misclassified reverse repos with affiliate NSC as allowable assets.
FINRA has recently penalized Wells Fargo, Instinet and DBOT for various violations.

Monday, 16/01/2023 | 17:50 GMT by Solomon Oladipupo

Institutional FX

FINRA Fines Justly Markets (Formerly DBOT) $100K for Missing Records of 95M Orders

Justly Markets operated as DBOT during the period of the alleged violation.
The ATS firm's former third-party vendor deleted the records.

Thursday, 29/12/2022 | 21:28 GMT by Solomon Oladipupo

Institutional FX

FINRA Fines Wells Fargo $200K for Overstating Trade Volume

The lapses in the company’s systems persisted from December 2016 until June 2018.
The firm has accepted the fine and settled the charges.

Friday, 23/12/2022 | 08:08 GMT by Arnab Shome

Institutional FX

FINRA Slams $165k Fine on Instinet for Data Inaccuracy and Poor Supervision

Instinet published 54 inaccurate monthly reports between 2015 and 2019.
The broker also under-reported about 5% of the total covered orders during the period.

Monday, 12/12/2022 | 20:09 GMT by Solomon Oladipupo

Retail FX

TRADE.com Owner Gets FINRA License, Expands to US Market

FINRA granted TRADE.com a broker-dealer license.
The broker is regulated in five different jurisdictions.

Wednesday, 07/12/2022 | 12:07 GMT by Damian Chmiel

Executives

FINRA Promotes Jonathan Sokobin to be Its New Executive VP

Sokobin will also take on the role of Head of Regulatory Economics and Market Analysis.
He brings more than fourteen years of experience to the role.

Friday, 02/12/2022 | 11:22 GMT by Tom Hazan

Institutional FX

FINRA Fines RBC Capital Markets $360k for Supervisory Failure

The failure occurred between June 2018 and February 2020.
FINRA recently fined RBC Capital Markets $90k over anticipatory hedging violations.

Tuesday, 01/11/2022 | 16:55 GMT by Solomon Oladipupo

Retail FX

FINRA Slaps $100k Penalty on Dealerweb for TRACE Violations

The penalty is for inaccurate TRACE transaction reports and a deficient supervisory system.
Dealerweb paid $37,500 to FINRA for various TRACE violations between 2013 and 2017.

Tuesday, 18/10/2022 | 16:38 GMT by Solomon Oladipupo

Institutional FX

FINRA Penalizes UBS Securities $2.5M for 73,000 ‘Naked’ Short Sales

The violations occurred between 2009 and 2018.
The US SEC recently fined UBS Securities $125 million alongside 14 other broker-dealers.

Wednesday, 05/10/2022 | 10:58 GMT by Solomon Oladipupo

Brokers

FINRA Imposes a Fine on Vision Financial

The financial services provider failed to implement a reasonable AML program.
Vision Financial has been a member of FINRA since 2008.

Monday, 19/09/2022 | 09:57 GMT by Bilal Jafar

Brokers

ViewTrade Fined $250,000 for AML and Reporting Lapses

The company failed to implement an AML program to detect and report suspicious transactions.
The platform offers trading services with stocks and options.

Wednesday, 24/08/2022 | 09:40 GMT by Arnab Shome

Brokers

Introducing Broker SageTrader Fined $775K for Supervisory Failures

The platform did not have any supervisory system to detect potentially manipulative trading until 2015.
It did not have enough resources and manpower to supervise manipulative practices.

Friday, 22/07/2022 | 07:03 GMT by Arnab Shome

Institutional FX

FINRA Imposes $325,000 Fine on BofA Securities

BofAS has been a member of FINRA since 2018.
According to the regulatory authority, the company violated Regulation NMS Rule 605 and FINRA Rule 2010.

Monday, 18/07/2022 | 08:07 GMT by Bilal Jafar

Institutional FX

Barclays Pays $2.8M Fine for Customer Confirmation Non-Compliance

There were 11 underlying issues resulting in failure.
The bank was aware of the inaccuracies from mid-2017.

Thursday, 30/06/2022 | 11:08 GMT by Arnab Shome

Institutional FX

FINRA Fines National Securities Corp $9 Million for Market Violations

The firm is accused of attempting to artificially influence the aftermarket.
It includes a disgorgement of $4.77 million in net profits.

Thursday, 23/06/2022 | 17:23 GMT by Felipe Erazo

Executive Moves

Michael Solomon Becomes FINRA’s Senior Vice President of Examinations

He worked for firms like Jefferies, UBS and Merrill Lynch.
Solomon previously was employed in FINRA in an executive role.

Thursday, 02/06/2022 | 21:22 GMT by Felipe Erazo

Institutional FX

Cboe’s BIDS Trading Fined $200K for Overstating Trade Volume

It overstated the advertised trade volumes due to system errors.
It has already accepted the penalty order.

Thursday, 26/05/2022 | 08:50 GMT by Arnab Shome

Brokers

FINRA Imposes $75,000 Penalty on Crown Capital

The authority fined Crown Capital in violation of FINRA rules 2040 and 2010.
Crown Capital has been a member of FINRA since 1972.

Monday, 14/03/2022 | 12:16 GMT by Bilal Jafar

Institutional FX

FINRA Fines Deutsche Bank Securities for Best Execution Violations

The authority alleges that SuperX trading system created an inherent delay for orders.
DBS also failed to disclose material aspects of its relationship with the markets.

Tuesday, 08/03/2022 | 19:15 GMT by Felipe Erazo

Institutional FX

Barclays Fined $350K for Lapses in Market Access Controls

It has already agreed to pay the penalty imposed by FINRA.
The failure impacted thousands of executed orders.

Friday, 25/02/2022 | 10:31 GMT by Arnab Shome

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