Deutsche Bank Unit Hit With Record Short-Sale Fine

Law360, New York (September 10, 2008, 12:00 AM EDT) -- Deutsche Bank Securities Inc. agreed on Wednesday to pay a $575,000 fine for violations of NYSE Arca short-selling rules, the largest fine levied so far in a case involving the New York Stock Exchange's electronic trading arm.

According to NYSE Regulation, NYSE Euronext's enforcement arm, Deutsche Bank Securities made a significant but unquantified number of short sales without borrowing the stocks, entering an agreement to borrow the stocks or even being reasonably sure that the stocks were available to borrow. Deutsche Bank Securities also agreed to...
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