Coda Markets, Inc. fka PDQ ATS, Inc. Fined by FINRA
An AWC was issued in which the firm was censured, fined $90,000 and required to review and revise its systems and written procedures regarding the supervision of its Order Audit Trail System (OATS™) reporting to ensure that the systems and procedures are reasonably designed to achieve compliance with FINRA Rule 7450 and to implement and test all coding changes necessary to remediate the violations identified in the AWC. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to report Reportable Order Events (ROEs) to OATS and reported ROEs that contained inaccurate, incomplete or improperly formatted data.
