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Institutional FX

FINRA Slaps $900k Penalty on Credit Suisse's US Subsidiary

  • FINRA has sanctioned the US subsidiary of the Swiss giant.
  • Accusations included inaccurate trade reports.
Monday, 26/06/2023 | 08:54 GMT by Damian Chmiel
CryptoCurrency

Canada Beats US, UK and China in Number of Gen Z Investors: FINRA

  • The study is based on a survey of nearly 2,900 Gen Z investors across the regions.
  • More than half of zoomers in the US are investors with crypto as their top choice.
Wednesday, 24/05/2023 | 22:18 GMT by Solomon Oladipupo
Institutional FX

Goldman Sachs Fined $3M for Mismarking 60M Short Sale Orders

  • The mismarking was caused by a coding error.
  • The global bank agreed to the fine without admitting or denying FINRA findings.
Wednesday, 05/04/2023 | 12:43 GMT by Solomon Oladipupo
Retail FX

News Nuggets | 5 April: BUS Offers Interest; FINRA Warns against Phishing

  • Also FINMA, Eventus, and PostFinance.
  • Read today's FX/CFDs, crypto and fintech sectors' dynamic news.
Wednesday, 05/04/2023 | 09:10 GMT by Finance Magnates Staff
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
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