United States:
Broker-Dealer Settles FINRA Charges For Failure To Properly Handle Limit Orders
21 November 2019
Cadwalader, Wickersham & Taft LLP
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A broker-dealer settled FINRA charges that it failed to
immediately execute, route or display customer limit orders in OTC
securities that would lock or cross the market, and thus failed to
execute the limit order against a market maker's quote.
To settle the charges, the broker-dealer agreed to a (i) censure
and (ii) fine of $40,000.
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