(September 15 – 17:10 ET) – The Ontario Securities Commission has issued a Notice of Hearing and Statement of Allegations against Southwest Securities Inc.

Southwest is a Texas corporation which provides securities transaction processing services to dealers around the world, including to Swift Trade Securities Inc., an Ontario securities dealer. It is a member of the New York Stock Exchange and the National Association of Securities Dealers, but is not registered with the OSC.

OSC Enforcement Staff allege that Southwest is engaging in activity that requires registration under Ontario securities law. Enforcement Staff are seeking an order prohibiting Southwest from trading in securities in Ontario.
-IE Staff