{"id":5855,"date":"2015-08-11T00:00:00","date_gmt":"2015-08-11T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2015\/08\/stockcross_financial_services"},"modified":"2022-05-06T16:01:19","modified_gmt":"2022-05-06T21:01:19","slug":"stockcross-financial-services","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/stockcross-financial-services\/","title":{"rendered":"StockCross Financial Services to Pay $800K for Regulation SHO Violations"},"content":{"rendered":"

FINRA says that StockCross Financial Services, Inc. will pay an $800,000 fine for violating Regulation SHO, as well as supervisory violations that went on for over three years. By settling, the firm is not denying or admitting to the charges. It has, however, consented to the entry of the self-regulatory organization\u2019s findings. <\/p>\n

FINRA said that from 11\/09 to 5\/13, StockCross\u2019s system for tracking and monitoring close-out obligations was flawed because the firm had not thought that it was supposed to net flat\/long in a security and after shares had been purchased to satisfy its close-out obligation. <\/p>\n

The SRO said that after transactions for purchase were made, the firm failed to put restrictions or limits on the rest of the trading activity in that security for the day and its flawed system compelled StockCross to experience delivery failure for several statement days in a row on about 1,826 occasions. Also, StockCross purportedly made more than 4,100 short sales when there were outstanding close-out obligations for these securities.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

FINRA says that StockCross Financial Services, Inc. will pay an $800,000 fine for violating Regulation SHO, as well as supervisory violations that went on for over three years. By settling, the firm is not denying or admitting to the charges. It has, however, consented to the entry of the self-regulatory organization\u2019s findings. FINRA said that […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3739],"tags":[3539,3540],"class_list":["post-5855","post","type-post","status-publish","format-standard","hentry","category-finra","tag-regulation-sho","tag-stockcross"],"yoast_head":"\nStockCross Financial Services to Pay $800K for Regulation SHO Violations — Investor Lawyers Blog — August 11, 2015<\/title>\n<meta name=\"description\" content=\"FINRA says that StockCross Financial Services, Inc. will pay an $800,000 fine for violating Regulation SHO, as well as supervisory violations that went on — August 11, 2015\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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