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ARTICLE · 06 AUGUST 2021

Firm Settles NYSE Charges For Routing Violations

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A full-service broker-dealer firm settled NYSE charges for routing competing orders for the same security at the same price, for the account of the same principal, to two different floor brokers.

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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A full-service broker-dealer firm settled NYSE charges for routing competing orders for the same security at the same price, for the account of the same principal, to two different floor brokers. The firm also settled related charges for maintaining an inadequate supervisory system that was not designed to prevent such competing orders.

In a Letter of Acceptance, Waiver, and Consent, NYSE found that a firm trader routed "two competing parent orders on behalf of two different portfolios managed by the same advisor to two different floor broker firms," resulting in orders executed at the same time and price on behalf of the same customers. NYSE stated that these executions were in contravention, "albeit unintentionally," of NYSE Rule 122 ("Orders with More than One Broker").

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