A firm settled FINRA charges for improperly programming trading algorithms, which resulted in orders being improperly sent to the market.
News & Insights
A firm settled with FINRA for charging unfair prices in corporate and municipal bond transactions and for failing to establish and maintain a supervisory system reasonably designed to achieve compliance with its fair pricing obligations.
FINRA adopted amendments to its rules that pertain to or reference the standard securities settlement period in order to account for the planned move to the T+1 settlement cycle.
FINRA fined a muni dealer for MSRB Rule violations including (i) failing to timely cancel or close out inter-dealer municipal securities transactions after settlement; (ii) failing "to take prompt steps to obtain physical possession or control of 247 short positions resulting from failed inter-dealer municipal securities transactions;" and (iii) related supervisory violations.
In an Investor Insight article, titled: "Understanding Settlement Cycles: What Does T+1 Mean for You?" FINRA advised retail customers who do not currently keep their cash and securities with their broker-dealer, to deliver assets required for settlement by the day following trade date.