Broker-Dealer Settles Parallel NYSE and NYSE National Charges for Two-sided Trading Interest Violations

A broker-dealer settled parallel charges brought by NYSE LLC and NYSE National, Inc. for failing to maintain continuous, two-sided trading interest.

In separate Letters of Acceptance, Waiver, and Consent, the exchanges found that the broker-dealer failed to uphold the quoting obligations associated with their registered symbols and provide market liquidity in the form of continuous quoting.

NYSE found that the broker-dealer violated NYSE Rule 104(a)(1) ("Dealings and Responsibilities of DMMs") and NYSE Rule 107B(c)(1) ("Supplemental Liquidity Providers"). NYSE National, Inc. found that the broker-dealer violated NYSE National Rule 7.23 ("Obligations of Market Makers").

To settle the charges, the broker-dealer agreed to (i) a censure and (ii) a $20,000 fine paid to NYSE LLC and NYSE National, Inc., of which NYSE LLC receives $12,500 and NYSE National, Inc. receives $7,500.