FINRA Fines Firm $1.4M On Alleged BestEx Failures

Law360 (June 10, 2021, 6:06 PM EDT) -- A Chicago-based securities market maker allegedly failed to provide best execution on more than 40,000 orders during a three-year period, contributing to a nearly $1.4 million settlement with the Financial Industry Regulatory Authority.

Between January 2013 and January 2016, G1 Execution Services LLC failed to use "reasonable diligence" to choose the best market to yield the most favorable prices on 41,505 over-the-counter trade orders, FINRA said in a settlement order Wednesday.

The orders were placed by the firm's broker-dealer clients on behalf of their customers, FINRA said.

The settlement describes the breakdown of a process that required its traders to manually...

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