X-Change Financial Access, LLC (XCHG) has reached a settlement of alleged Cboe Exchange rule violations.
The settlement envisages a censure and a joint and several monetary fine with Brian Brown, a former X-Change Financial Access, LLC Floor Broker, in the amount of $550,000.
From on or about May 3, 2021 to on or about November 4, 2022 (the Review Period), Brian Brown was an Associated Person of XCHG and was employed by XCHG as a Floor Broker. Brown is no longer employed by XCHG.
During the Review Period, XCHG executed trades on a client’s behalf (“Firm A”) pursuant to an arrangement Brown made with a trader at Firm A. The Arrangement was suggested by a trader at Firm A and permitted Brown discretion, on Firm A’s behalf, to create and fill up to 20% of the contra sides of certain retail customer…
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