Wells Fargo Securities LLC has agreed to pay a fine of $50,000 to settle allegations about Cboe Exchange rule violations.
The matter originated from a quarterly review conducted by FINRA’s Department of Market Regulation regarding ’s compliance with its obligations to report certain options positions and related information to the Large Options Position Report (LOPR).
From November 7, 2014 through May 31, 2019, due to a programming error within the system at the firm’s third-party LOPR service provider, Wells Fargo overreported positions to the LOPR that underwent exercise or assignment prior to expiration in approximately 626 instances.
From May 31, 2019, through November 15, 2019, Wells Fargo’s remediation of a prior system error caused the Firm to erroneously delete reportable equity options positions that were exercised…
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