Brokerage Co. To Pay CFTC Penalty Over Account Reporting

Law360, New York (July 25, 2012, 8:31 PM EDT) -- Greenwich, Conn.-based brokerage firm Interactive Brokers LLC has agreed to pay the U.S. Commodity Futures Trading Commission $700,000 in response to charges that it filed inaccurate large-trader reports and failed to diligently oversee the handling of its accounts.

As a futures commission merchant, the company is required to submit daily large-trader reports reflecting "reportable positions" for "special accounts," the commission said. To ensure the accurate representation of the size of all positions under its control, it must aggregate accounts to determine special account status.

The CFTC...
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