The US Securities and Exchange Commission (SEC) concluded that Cumberland DRW had operated as an unregistered dealer in more than $2 billion of crypto assets offered and sold as securities.
Specifically, a former TD Securities trader was found to have spoofed the US Treasury cash securities market; the SEC has ruled that the firm “lacked adequate controls and that it failed to take reasonable steps to scrutinise the trader”.
S&P Global Ratings’ settlement with the US Securities and Exchange Commission (SEC) specifically resolves violations of recordkeeping rules.
The US Securities and Exchange Commission has charged 26 firms a combined total of almost $400 million; three firms will pay reduced penalties following self-reporting.
Intercontinental Exchange (ICE) has received a $10 million dollar penalty while it and nine of its affiliates have been charged with failing to inform the US Securities and Exchange Commission (SEC) of a cyber intrusion.
Potentially dozens of broker-dealers are set to be affected by the ruling; market opinion divided on decision.
CEO says SEC did not carry out responsibility, as the exchange launches extended life orders in response to IEX’s speed bumps.
The Exchanges have been working together on initiatives aimed at improving LULD and trading pause rules from the SEC.