Jefferies Execution Services

Jefferies Execution Services was censured and fined $215,000 for failing to establish and maintain a system designed to monitor for potential layering or spoofing by its direct market access clients.

Clients placed millions of orders per month through the firm without being subjected to supervisory reviews for potential layering or spoofing.

FINRA and other exchanges’ surveillance identified more than 150,000 instances of potential layering activity associated with the firm’s order flow.