Oppenheimer & Co. Inc. has agreed to pay a fine of $450,000 as a part of a settlement with Cboe Exchange, Inc.
The firm neither admitted nor denied that violations of Exchange Rules have been committed.
From January 1, 2017 through on or about September 15, 2021 (the Relevant Period), in at least 809,000 instances, Oppenheimer failed to report, or inaccurately reported, positions to the Large Options Position Report system (LOPR) where the Firm’s LOPR reporting system did not recognize that the accounts of certain customers were acting in concert (“AIC”).
Specifically, where an account held positions with fewer than 200 options contracts, Oppenheimer’s LOPR reporting system erroneously failed to aggregate the account with accounts with which it was acting in concert.
As a result, the…
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