FINRA Fines Citadel Securities $700K For Trading Violations
Law360 (July 17, 2020, 8:25 PM EDT) -- Citadel Securities LLC on Thursday agreed to pay restitution and a $700,000 fine to the Financial Industry Regulatory Authority over allegations that its over-the-counter equity trading desk shirked rules against trading ahead of customer orders and failed to comply with other requirements.
Without admitting to or denying FINRA's findings, Chicago-based Citadel noted in a letter of acceptance Thursday that it agreed to pay restitution to certain clients for eligible orders that were executed at prices worse than the firm traded for its own account.
The self-regulatory organization said Citadel sought to program its over-the-counter equity trading desk — which receives orders...
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