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.
The Congressional Research Service reviewed the Policy debates over rebates that retail brokerage firms receive for directing retail investor stock trades to certain venues, known as "payment for order flow."
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.
The SEC approved an amendment to MSRB Rule G-12 ("Uniform Practice") to require the completion of allocations, confirmations, and affirmations by the end of trade date for municipal securities transactions.
A broker-dealer settled charges in a number of closely related enforcement actions brought by the various "NYSE Exchanges," for supervisory failings over "trading activity in warrants, rights, units, and certain OTC equity securities."