A broker-dealer settled Nasdaq PHLX LLC ("Phlx") charges for failing to record order transmission times accurately.
In the Letter of Acceptance, Phlx stated that the firm's order transmission times for the manual option orders that the firm routed to other broker-dealers at various securities exchanges were incorrectly recorded, violating Phlx Rule 760 and other securities regulations. Additionally, the firm failed to establish adequate written supervisory procedures designed to handle manual options orders.
To settle the charges, the broker-dealer agreed to a (i) censure and (ii) $100,000 fine (divided evenly between Phlx and NYSE Arca, Inc.).
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