October 7, 2014
On October 6, 2014, the NYSE Group announced that it will not renew its contract with FINRA for the surveillance, investigations and enforcement program related to its exchanges. The contract with FINRA expires on December 31, 2015.
May 1, 2014
On May 1, 2014, the SEC announced an enforcement action against the New York Stock Exchange, two affiliated exchanges and the New York Stock Exchange’s affiliated routing broker, Archipelago Securities. The exchanges and Archipelago Securities are wholly-owned subsidiaries of Intercontinental Exchange Inc. From 2008 to 2012, the exchanges failed to…
August 23, 2013
June 27, 2013
On May 29, 2013, the SEC charged NASDAQ and NASDAQ Execution Services (“NES”), a registered broker-dealer affiliated with the exchange, with violations of securities laws and regulations due to inadequate systems and poor decision-making during the IPO and preliminary secondary market trading of Facebook. Without admitting to or denying SEC findings, NASDAQ has agreed to settle the charges for $10 million—the largest penalty ever imposed on an exchange. NASDAQ has also agreed to implement changes to systems and processes, including technical improvements to its cross systems, additional processes for ensuring compliance with Regulations NMS and SHO, increased oversight for new systems, an enlarged Regulatory Group, an engineering team dedicated to system monitoring and analysis, and improved software for all technology personnel. Pursuant to the settlement order, the SEC has reserved the right to request evidence of the satisfactory completion of these undertakings should it be deemed necessary.
May 29, 2013
Direct Edge announced that it has agreed to have FINRA provide market surveillance services to Direct Edge’s two licensed stock exchanges. It is believed the arrangement should go into operation in the fourth quarter of 2013.