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Clearing firm fined for surveillance lapses related to potentially manipulative trading

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Photo: Sean Gallup/Getty Images

Julie DiMauro

4 min read
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FINRA outlined failure to implement effective supervisory and surveillance practices for trading and business communications recordkeeping.

Velox Clearing LLC agreed to pay a $500,000 fine and retain a third-party consultant to review the reasonableness of its policies, systems, and procedures relating to the detection and prevention of potentially manipulative trading activity, which FINRA said were in violation of various FINRA rules and sections of Nasdaq General Rule 9.

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