Article: UBS refuses to produce trading data in HFT market manipulation case

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UBS refuses to produce trading data in HFT market manipulation case

Maria Nikolova, 26 November 2020

A landmark securities class action case involving allegations of market manipulation via high frequency trading (HFT) continues at the New York Southern District Court. The latest dispute in this case, which targets major US stock exchanges, concerns trading data. In particular, the plaintiffs in this case – a group of investors, allege that UBS Securities has to provide them with a decent volume of trade data. UBS, which is not a party to the litigation, says it does not have to do that.

On November 25, 2020, UBS Securities filed a Letter with the Court, requesting that the plaintiffs’ motion to compel it to produce a heavy volume of trade data be denied. Continue reading “Article: UBS refuses to produce trading data in HFT market manipulation case”

Article: Breakwater Trading sues JPMorgan for alleged manipulation of prices of US Treasury futures

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Breakwater Trading sues JPMorgan for alleged manipulation of prices of US Treasury futures

Maria Nikolova

FinanceFeeds, 6 May 2020

Breakwater Trading LLC has launched a civil lawsuit against JPMorgan Chase & Co. (NYSE:JPM), JP Morgan Clearing Corp., JP Morgan Securities LLC, and JP Morgan Securities LLC, accusing them of manipulating the US Treasuries futures market. The complaint, seen by FinanceFeeds, was filed on May 5, 2020, with the New York Southern District Court.

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Article: FINRA sanctions Citi, JPMorgan, LPL Financial, Morgan Stanley Smith Barney, and Merrill Lynch

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FINRA sanctions Citi, JPMorgan, LPL Financial, Morgan Stanley Smith Barney, and Merrill Lynch

Mario Nikolova

Finance Feeds, 26 December 2019

The United States Financial Industry Regulatory Authority (FINRA) today announces that it has sanctioned Citigroup Global Markets Inc.; J.P. Morgan Securities LLC; LPL Financial LLC; Morgan Stanley Smith Barney LLC; and Merrill Lynch, Pierce, Fenner & Smith Incorporated, over the firms’ failure to reasonably supervise compliance with FINRA’s “Know Your Customer” rule.

In settling this matter, the five firms paid combined fines totaling $1.4 million, and agreed to review their policies, systems, and procedures to ensure that they are reasonably designed to supervise custodial accounts and to achieve compliance with FINRA Rule 2090. The firms neither admitted nor denied the charges, but consented to the entry of FINRA’s findings.

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Article: FINRA and major Exchanges impose $6.5m fine on Credit Suisse Securities over supervisory violations

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FINRA and major Exchanges impose $6.5m fine on Credit Suisse Securities over supervisory violations

Maria Nikolova

FinanceFeeds, 23 December 2019

FINRA and the Exchanges found that for a period of four years, Credit Suisse did not establish a supervisory system reasonably designed to monitor for potential spoofing, layering, wash sales and pre-arranged trading by its DMA clients.

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Article: CREDIT SUISSE INTERNATIONAL HAS MARKET MANIPULATION LAWSUIT AGAINST IT DISMISSED

Article - Media, Publications

CREDIT SUISSE INTERNATIONAL HAS MARKET MANIPULATION LAWSUIT AGAINST IT DISMISSED

MARIA NIKOLOVA, 26 March 2018

Credit Suisse International (CSI) has had the complaint against it dropped in a case targeting a number of primary dealers of US Treasuries. The order, filed earlier today with the New York Southern District Court, was signed by Judge Paul Gardephe on March 23, 2018.

The order stipulates that CSI is no longer a party in the market manipulation case captioned Breakwater Trading LLC et al v. Bank Of America Corporation et al (1:17-cv-06497). The plaintiffs have voluntarily dismissed all claims against CSI without prejudice to reassert such claims against CSI at a later time should evidence arise in discovery or otherwise that reveals information providing a basis for joining CSI on the claims being litigated in this case. Continue reading “Article: CREDIT SUISSE INTERNATIONAL HAS MARKET MANIPULATION LAWSUIT AGAINST IT DISMISSED”