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Broker’s Bid For FINRA Docs On ‘Layering’ Rejected

Law360 (February 14, 2018, 7:52 PM EST) -- A New York federal judge on Tuesday rejected a broker’s request that the Financial Industry Regulatory Authority turn over its internal documents on a manipulative trading technique called layering, saying sharing them could undermine the regulator’s law enforcement work.

The U.S. Securities and Exchange Commission accused Lek Securities Corp. of giving foreign traders access to U.S. markets and turning a blind eye toward their alleged efforts to game the system. The company and its boss Samuel Lek have said that layering is vaguely defined and said...
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