Cantor Fitzgerald & Co has agreed to pay a fine of $100,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).
From July 2017 through May 2019, Cantor Fitzgerald acted as a market-maker in OTC securities, including securities quoted on OTC Link LLC, an inter-dealer quotation system formerly referred to as the “Pink Sheets.”
As a market-maker that quoted on OTC Link, the firm had access to, and regularly used, an electronic messaging service. This electronic messaging service enabled the firm and other individual market-makers to send each other messages (OTC Link messages) indicating an interest to buy or sell a specific number of shares of a security at a particular price.
During this period, Cantor Fitzgerald’s market-making desk sent and received OTC Link messages to and from other dealers. Cantor Fitzgerald,…
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