IMC Financial Markets has agreed to pay a fine of $1.2 million as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).
From the start of its Consolidated Audit Trail (CAT) reporting obligation on June 22, 2020, through June 30, 2023, IMC failed to timely and accurately report data for tens of billions of equity and options order events to the CAT Central Repository in violation of FINRA Rules 6830, 6893, and 2010.
As a large industry member, IMC was required to begin reporting its order event data to the CAT Central Repository on June 22, 2020. IMC developed software to report its data to CAT. However, from the start of its CAT reporting obligation through June 30, 2023, IMC reported approximately 21.8 billion inaccurate equity and options orders events to CAT, spanning 35 unique error types.
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