Sanford C. Bernstein & Co., LLC Fined by FINRA
26 June 2019
An AWC was issued in which the firm was censured, fined $55,000, of which $6,000 is payable to FINRA, and required to revise its WSPs. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that, while acting as a trading center, it failed to establish, maintain and enforce written policies and procedures that were reasonably designed to prevent trade-throughs of protected quotations in national market system (NMS) stocks when it executed these orders internally but failed to simultaneously send intermarket sweep orders (ISOs) to one or more markets displaying protected quotations in that stock.
