BNP Paribas Securities Corp has agreed to pay a fine as part of a settlement with Nasdaq PhLX LLC.
During the February 2019 to October 2023 (the “relative period”), BNPS has failed to establish, preserve and impose written supervisory procedures and a system of implementation of such procedures, logically designed to prevent and detect, as far as possible, related to the constant operating options.
The company’s order order flow included the business with the manual ordering of orders to third -party mediators to execute PhLX and other exchanges. The company’s supervision process demanded that the company review whether the times that were introduced to record the receipt of the receipt and the transmission times that accurately reflected that they occurred before the orders of orders provided to the business by the brokers.
Due to the errors in the order importing process, however, the actual execution times for hand -based options often preceded the registered order of order, transmission and execution. These inaccuracies were detected because receipt of receipt, transmission and execution times, while being inaccurate, appeared in the correct order in the business systems and the business did not take a review to determine whether the recorded times were accurate if the times appeared in the correct order.
As a result, the Company failed to detect and restore repetitive inaccuracies upon receipt of receipt, transmission and execution times recorded in order Memorandums for manual orders.
Therefore, BNPs violated the PHLX 748 (H) rules, the PHLX rule in general, section 20, PHLX 707 rule, PHLX 9 rule, section 1 and PHLX General 9, Section 1 (c).
BNP Paribas Securities Corp Consentrf for census and a fine of $ 600,000, of which $ 150,000 must be paid at Nasdaq PhLX. The balance of the fine must be paid to CBOE, NYSE American and NYSE ARCA.