Execution Access settles with OSC

first_imgMFDA bans former rep for recommending unsuitable strategy Keywords EnforcementCompanies Ontario Securities Commission Related news PwC alleges deleted emails, unusual transactions in Bridging Finance case BFI investors plead for firm’s sale Mouth mechanic turned market manipulator New York-based Execution Access LLC will pay almost $1 million to settle allegations that it operated an institutional fixed-income trading platform in Canada without proper registration, the Ontario Securities Commission announced Friday. James Langton Share this article and your comments with peers on social media An OSC hearing panel approved a settlement agreement that will see the U.S. firm make a voluntary payment of $970,000, along with $25,000 in costs to settle allegations that it violated securities rules by allowing Canadian firms to use its platform for trading U.S. Treasuries without registering as an exchange or investment dealer. The firm, which operated the Nasdaq Fixed Income trading system (formerly known as eSpeed), facilitated the matching of client orders for firms in Ontario, including banks, brokers and prop trading firms. In doing so, it “operated a marketplace in Ontario without either obtaining an order recognizing it as an exchange… or registering as an investment dealer so it could operate as an alternative trading system,” the OSC settlement says. In approving the settlement, the panel noted that the agreed sanctions were reasonable. It also said that there were no client losses, or complaints, and that the firm co-operated with the OSC once it became aware that it was operating without approval. “Since staff advised the [firm] that it was operating without recognition or registration, the [firm] has co-operated with staff of the market regulation branch to regularize its operations,” the settlement says. Photo copyright: aruba2000/123RF Facebook LinkedIn Twitterlast_img

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