United States: Market maker settles NYSE Arca’s fees for failing to maintain a two-way business interest
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An equity market maker installed NYSE Arca charges for “failing to maintain an ongoing bilateral trade interest.”
In Letter of Acceptance, Waiver and Consent, NYSE Arca Finds a NYSE Arca Rule Violation 7.23-E (a) (1) (“Obligations of Market Makers”), that the Market Maker had hundreds of thousands of instances of full day or intraday listing deficiencies, as well as several other trading violations. NYSE Arca said the company’s shortcomings could not be justified with an apology for (i) internal technical failures, (ii) changes to the corporate symbol, (iii) disruptions resulting from corporate risk controls or (iv) market volatility resulting from the COVID-19 pandemic.
To settle the charges, the firm agreed to (i) censorship and (ii) a fine of $ 100,000.
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