Broker-Dealer Settles FINRA Charges for Insufficient Risk Management of ATS

A broker-dealer agreed to settle FINRA charges for failing to maintain a sufficient system of risk management controls and supervisory policies to manage activities on alternative trading systems.

According to the Letter of Acceptance, Waiver and Consent, Arbor Research & Trading, LLC agreed to a censure, and to pay a civil monetary penalty of $25,000.