Wolverine Trading, LLC agreed to pay a fine as part of a settlement with Cboe Exchange, Inc.
From or about June 12, 2023 to January 31, 2024, the firm failed to report 156 trades executed on the floor within 90 seconds of execution.
During the review period, the company failed to establish, maintain and enforce written supervisory procedures (“WSP”) and a system for implementing such procedures reasonably designed to prevent and detect violations of applicable Exchange rules that require trades to be reported to the Exchange within 90 seconds of execution in the form and manner specified by the Exchange.
In particular, the Company’s WSPs restated only the language of Cboe Rule 6.1 without more specificity or detail as to how the Company ensures compliance with Cboe Rule 6.1.
In light of the alleged violations of the rules described above, the company consents to the imposition of a censure and a monetary penalty of $19,000.