Arive Capital Markets An AWC was fined $45,000 for failing to implement policies and procedures that could be reasonably expected to detect and cause the reporting of potentially suspicious activity related to low-priced securities transactions.

Citigroup Global Markets was censured and fined $225,000 for effecting short sales for its own account without borrowing the security or entering into a bona fide arrangement to borrow the security, and without documenting its compliance with the locate requirement for short sale transactions.

Credit Suisse Securities (USA) LLC was fined $6.5M by FINRA and multiple exchanges for supervisory violations connected to SEC Rule 15c3-5 due to orders not being subjected to post-trade supervisory reviews for potential manipulative activity.

Robinhood Financial, LLC has agreed to a settlement and fine of $1.25M for best execution violations related to its customers' equity orders, in that it routed its customers’ non-directed equity orders to four broker-dealers, all of which paid Robinhood for that order flow.

Wilson-Davis & Co. was fined $1,100,000 based on findings that the firm engaged in short selling in violation of Rule 203(b)(1) of Regulation SHO because it failed to find locates for short transactions effected in low-priced stocks.

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.

CFTC settled charges totaling $67.4 million with Tower Research Capital which, among other charges, was alleged to perpetuate conduct that involved placing orders to buy or sell futures contracts with the intent to cancel those orders prior to execution.

Lek Securities will pay a $1.5M+ in penalties, disgorgement and interest in settling the SEC’s charges whereby Lek Securities admit that it made trading schemes, including potential layering and cross-market manipulation, possible by giving its client access to the U.S. markets.

A proprietary trading firm, Jump Trading, was fined $250,000 because a code change caused an algo trading program to erroneously execute orders that caused the firm to exceed its capital requirements.

Lime Brokerage was censured and fined $625,000 by FINRA and various exchanges for failure to maintain reasonable controls, procedures and other measures to remediate the violative conduct regarding its supervision of direct market access customer activity with respect to potential manipulative trading by its customers.

Eagle Market Makers was fined a total of $500,000 ($150,000 by CME Group and $350,000 by the CFTC) because their traders effectively conducted wash trades for orders that were entered in the pre-opening period.

Clear Street Markets settled for $60,000 with six securities exchanges for Market Access Rule violations, even though no actual trading violations were found, an unusual precedent. Instead, the BD was sanctioned because it relied on manual surveillance system to monitor markets, an action that was deemed insufficient.

Spencer Edwards, Inc. was fined $250,000 and ordered to pay restitution plus interest to customers for failing to establish and implement, as part of its AML compliance program, policies and procedures reasonably designed to detect and cause the reporting of suspicious activity in accepting and liquidating customers’ deposits of microcap securities.

Clearpool Execution Services was censured and fined $473,000 for failing to establish and maintain a system reasonably designed to comply with various rules around potential market manipulation (Market Access , Layering/Spoofing supervision, etc.)

FINRA fined Cantor Fitzgerald $2 Million for Regulation SHO violations and accompanying supervisory failures.

SMF Trading was expelled from FINRA whereby an owner of the BD also commonly owned and controlled two foreign unregistered proprietary trading firms that operated as trading funds and engaged in trading activity that included market manipulation and fraud, including layering and spoofing, on multiple markets.

FINRA fined Interactive Brokers LLC (Interactive) $5.5 million for Regulation SHO violations and supervisory failures spanning a period of at least three years.

Morgan Stanley was censured and fined $1,100,000 for market access rule deficiencies. The firm did not properly establish controls reasonably designed to prevent the entry of orders that exceeded pre-set credit thresholds on a customer basis, instead relying on an overall firm credit limit.

FINRA fined ICBC $5.3M for AML violations that included a failure to monitor and detect suspicious transactions. ICBC took on thousands of new introduced accounts (through an introducing broker) for which it cleared and settled the liquidation of more than 33 billion shares of penny stocks.

FINRA – along with the various exchanges – settled with Instinet for a total of $1.575 million for violations of the SEC Market Access rule of customers entering in orders electronically through its MPID.