Credit Suisse fixed the issue with an update of its trade reporting systems in November 2019. In addition, form February 2015 to April 2022, the firm failed to establish and maintain a supervisory system to help it comply with its trade reporting obligations for short sales. During this period, Credit Suisse conducted supervisory reviews aiming…
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The first change was implemented in July 2018 and caused the BIDS to overstate its advertised trading volume in 151 instances, which resulted in the overstating of 12,298,256 shares for 92 securities. The second change came in May 2019 when BIDS reconfigured its servers, causing the platform to overstate trade volume in 1,890 instances, which…
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FINRA stated: Between January 2017 and January 2021, Crown Capital paid approximately $19.3 million in commissions earned by 18 of its registered representatives to 18 unregistered entities. The unregistered entities were corporations and limited liability companies created by the registered representatives to serve as doing business as names for their securities businesses and were disclosed…
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As result, Barclays the routed 19,500 orders for 2,500,000 contracts to the market unchecked. Of those 9,500 orders for 1,125,000 contracts were executed. Additionally, the firm did not prevent the entry of erroneous orders of a total of $11.8 million, rather than the intended $118,000. The company has accepted FINRA’s monetary penalty but has not…
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The regulator also alleges that Feist failed to get to know and understand Interactive Broker’s AML program and did not even supervise the company’s AML analysts. FINRA highlighted: While he was AMLCO, Feist learned about, but failed to recognize the import of, facts that should have alerted him that Interactive Brokers' AML program was not…
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Credit Suisse violations FINRA discovered that Credit Suisse failed to comply with the Securities and Exchange Commission’s Customer Protection Rule in two ways. First, the company is required to maintain possession or control of billions of dollars of fully paid and excess margin securities it carried for customers, which it failed to do. The second…
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Because the domains show some similarities to the official FINRA domain, it could easily confuse some people. This is especially true if they are relatively new to the company or are not particularly tech literate. FINRA has made it clear that it is important to provide training to employees to ensure that they are aware…
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As a public company Robinhood will now be required to release quarterly financial results. Those will include previously undisclosed information on the crypto and options trading contribution to the company’s revenue. The public listing will also require the company to announce any sort of information that may affect its stock price such as government probes,…
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One tragic impact of Robinhood’s failures was the suicide of a 20-year-old trader. FINRA noted that the trader had turned margin off on his Robinhood account, so was shocked to find margins had been used. On top of this, the Robinhood app showed a negative balance on his account, which wasn’t accurate. Robinhood’s behaviour directly…
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Haohan Xu, CEO of Apifiny, said: As we accelerate our product development, partnerships, hiring, and overall growth toward a public offering, securing this first phase of our broker-dealer license is a major milestone. Apifiny is able to connect to worldwide cryptocurrency exchanges, working to provide a single market opportunity to its professional trade clients. Not…
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