SEC cite executives for non-compliance

    

THE SEC has initiated proceedings against a US brokerage firm for what the Commission alleges are breaches of its Market Access Rule.

Two senior executives at Wedbush Securities Inc have been cited for non-compliance following a series of SEC compliance meetings with the firm's management.

The court documents lodged by the Securities Exchange Commission claim the respondents "allowed thousands of essentially anonymous foreign traders to send orders directly to U.S. trading venues to trade billions of shares every month." It further alleges the firm "enjoyed increased trading commissions and fees generated" from granting unknown dealers access to securities markets via its Market Participant Identifier (MPID).

The allegations relate to brokerage trading between July 2011 and January 2013.

Source: http://www.sec.gov/litigation/admin/2014/34-72340.pdf

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