Securities regulators report they have recently settled with a couple of firms over trading supervision failures.
The Investment Industry Regulatory Organization of Canada (IIROC) said Tuesday that, on July 8, an IIROC hearing panel accepted a settlement between IIROC staff and Interactive Brokers Canada Inc., with the firm admitting that it failed to comply with its trading supervision obligations between November 2007 and April 2008.
As part of the deal, Interactive Brokers Canada Inc. agreed to a $50,000 fine and to pay $10,000 in costs.
Separately, IIROC said it also settled with JitneyTrade Inc. back on April 26, with the firm admitting to supervisory failures of its own; specifically that it “failed to implement an appropriate trade supervision system reasonably well designed to prevent and detect violations of [trading rule] requirements for the size and nature of its Direct Access Clients’ business.”
It agreed to a $90,000 fine and to pay $10,000 in costs.