{"id":6180,"date":"2017-07-28T17:55:51","date_gmt":"2017-07-28T22:55:51","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1697"},"modified":"2022-05-19T09:44:30","modified_gmt":"2022-05-19T14:44:30","slug":"securities-news-deutsche-bank-citigroup-jpmorgan-interactive-brokers-fined-market-access-violations-halliburton-settles-fcpa-charges-29-2m","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/securities-news-deutsche-bank-citigroup-jpmorgan-interactive-brokers-fined-market-access-violations-halliburton-settles-fcpa-charges-29-2m\/","title":{"rendered":"Securities News: Deutsche Bank, Citigroup, JPMorgan, and Interactive Brokers Are Fined for Market Access Violations & Halliburton Settles FCPA Charges for $29.2M"},"content":{"rendered":"

\t\t\t\tFour Firms Are Ordered to Pay $4.75M for Market Access Rule Violations<\/strong><\/p>\n

The Financial Industry Regulatory Authority, CBOE Holdings company Bats, the New York Stock Exchange, NASDAQ, and their affiliated Exchanges have fined four financial firms $4.75M collectively for violating the Securities Exchange Act of 1934\u2019s Rule 15c3-5, which is also known as the Market Access Rule. The fines are: $2.5M for Deutsche Bank (DB), $800K for J.P. Morgan (JPM)<\/a>, $1M for Citigroup (C)<\/a>, and $450K for Interactive Brokers (IBKR).<\/p>\n

The firms have given market access to quite a number clients that engage in millions of trades daily. However, according to FINRA, Bats, NASDAQ, and NYSE, when doing so, they purportedly did not comply with at least one of the Market Access Rule\u2019s provisions when they did not put in place certain risk management controls and procedures so that orders that were \u201cerroneous or duplicative,\u201d or went beyond certain kinds of thresholds, could be detected or prevented. The firms are also accused of not having systems in place for properly supervising customer trading so that \u201cpotentially volatile and manipulative activity\u201d could be avoided. <\/p>\n

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

Four Firms Are Ordered to Pay $4.75M for Market Access Rule Violations The Financial Industry Regulatory Authority, CBOE Holdings company Bats, the New York Stock Exchange, NASDAQ, and their affiliated Exchanges have fined four financial firms $4.75M collectively for violating the Securities Exchange Act of 1934\u2019s Rule 15c3-5, which is also known as the Market […]<\/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":[3820,3818,3752,3739,3958,3760,3795,3761],"tags":[2852,2853,2854,2855,2599,2856],"class_list":["post-6180","post","type-post","status-publish","format-standard","hentry","category-citigroup","category-deutsche-bank","category-financial-firms","category-finra","category-jp-morgan-chase","category-sec-enforcement","category-sec-settlements","category-securities-and-exchange-commis","tag-fcpa","tag-halliburton-company","tag-interactive-brokers","tag-market-access-rule","tag-nasdaq","tag-nyse"],"yoast_head":"\nSecurities News: Deutsche Bank, Citigroup, JPMorgan, and Interactive Brokers Are Fined for Market Access Violations & Halliburton Settles FCPA Charges for $29.2M — Investor Lawyers Blog — July 28, 2017<\/title>\n<meta name=\"description\" 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