Bloomberg Law®, an integrated legal research and business intelligence solution, combines trusted news and analysis with cutting-edge technology to provide legal professionals tools to be...
Nov. 6 --TD Ameritrade Clearing Inc. has agreed to pay $1.15 million to settle allegations by the Financial Industry Regulatory Authority that it failed to report or to accurately report certain large trader positions (In re TD Ameritrade Clearing Inc., FINRA, No. 20100214842-01, 10/24/13).
In a second Nov. 6 announcement, FINRA said that SG Americas Securities LLC has agreed to pay $675,000 to settle similar allegations. Both broker-dealers also allegedly had related supervisory deficiencies (In re SG Americas Securities LLC, FINRA, 20100216014-01, 10/21/13).
The TD Ameritrade settlement became final Oct. 24, and the SG America's settlement became final Oct. 21.
According to the self-regulatory organization, TD Ameritrade failed between May 2007 and January 2010 to properly aggregate certain reportable positions as “acting-in-concert.” The SRO said the alleged conduct impacted nearly 4,100 accounts and resulted in the firm failing to report approximately 1.4 million positions.
In addition, TD Ameritrade allegedly failed to establish and maintain “reasonable supervisory procedures and supervisory systems” to ensure compliance with rules pertaining to the accurate reporting of options positions.
Meanwhile, FINRA separately alleged that from December 2007 to January 2013, SG Americas failed to report over-the-counter options positions in approximately 500,000 instances; failed to report the counterparty for OTC options positions or incorrectly reported its customers' OTC options positions in more than 600,000 instances; and failed to report or misreported OTC index options positions in more than 900,000 instances.
The firm also allegedly failed to establish and maintain reasonable supervisory procedures and supervisory systems to ensure compliance with applicable rules.
Both entities consented to the settlements without admitting or denying the allegations.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)