Nasdaq Fines SpeedRoute $450,000 For Market Access And Supervision Violations [TheStreet.com]
Nasdaq, Inc. (NDAQ)
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Source: TheStreet.com
NEW YORK, Jan. 18, 2022 (GLOBE NEWSWIRE) -- The Nasdaq Stock Market, LLC ("Nasdaq") today announced that it censured SpeedRoute LLC ("SpeedRoute") and fined the firm $450,000 for violating various provisions of Rule 15c3-5 of the Securities Exchange Act of 1934 (known as the Market Access Rule) over a nearly five-year period, from January 2017 through November 2021. As a result of these violations, the Firm failed to prevent the transmission of numerous erroneous orders, resulting in the filing of 30 clearly erroneous execution petitions. SpeedRoute provides broker-dealer clients access to trading on Nasdaq and other exchanges. During the relevant time period, while executing millions of trades totaling billions of shares on Nasdaq alone, SpeedRoute failed to establish, document, and maintain a system of risk management controls and supervisory procedures reasonably designed to prevent the entry of erroneous orders from clients and to prevent the entry of orders that exceed appropria
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