Articles Tagged with Trade Order Violations

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The Department of Market Regulation of the Financial Industry Regulatory Authority (FINRA) received a Letter of Acceptance, Waiver and Consent (AWC) from LPL Financial LLC (LPL Financial) for allegedly failing to execute several trade orders fully and promptly, reporting improper data and failing to properly supervise.

The Department of Market Regulation conducted two reviews of LPL Financial in 2012 to examine its trading and reporting methods. During its Trading and Market Making Surveillance (TMMS) review, FINRA found that in four instances, LPL Financial failed to execute orders fully and promptly. During the review, FINRA also found that LPL Financial transmitted to OATS eights reports that contained inaccurate, incomplete, or improperly formatted data. Additionally, the TMMS review found that LPL Financial failed to transmit two Reportable Order Events to OATS and failed to show the correct order receipt time on the memorandum of ten brokerage firms.

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