MarketAxess Corporation has agreed to pay a fine of $180,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).
From November 2008 to September 2020, MarketAxess reported approximately 53,000 transactions—consisting of 51,252 corporate bond transactions and 2,446 U.S. Treasury transactions—to the Trade Reporting and Compliance Engine (TRACE) with inaccurate execution times. For approximately half of these transactions, the time of execution was inaccurate by one second.
From 2013 to 2020, MarketAxess also reported 399 of the corporate bond transactions to TRACE more than 15 minutes after the time of execution. These inaccurate and late reports occurred due to a technological error, which the firm resolved in September 2020.
Therefore, MarketAxess violated NASD Rules 6230(c)(8) and 2110 and FINRA Rules 6730(a), 6730(c)(8), and 2010. In addition, MarketAxess’s late reporting constituted…
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