Friday, July 22, 2022

FINRA July 2022 Disciplinary Actions - Financial Risk Management, OBAs, Fail to Appear

UBS AWC - findings that that it provided market access to two affiliates without accounting for those affiliates in its financial risk management controls. The findings stated that the firm maintained a proprietary order management system that it and its affiliates used for trading in listed futures and options. In addition, the firm maintained a third-party order management system that it and its affiliates used primarily to enter good-till-cancelled spread orders. The firm established credit thresholds and erroneous order controls based upon its mistaken belief that the options orders entered through both order management systems were entered by a single firm affiliate. In fact, a firm employee was able to enter orders on behalf of two additional firm affiliates into both order management systems.

Highlights from the release, which is available at https://www.finra.org/sites/default/files/2022-07/Disciplinary_Actions_July_2022_0.pdf

Other firms -

Brokers

The attorneys at Sallah Astarita & Cox, LLC have been representing firms and brokers in FINRA disciplinary proceedings for decades. Have a question? Give them a call at 212-509-6544