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FINRA fines CIBC $425,000 for reporting, supervisory failures in options market

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Photo: Ralph Orlowski/Getty Images

Julie DiMauro

3 min read
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Positions must be reported to the LOPR system no later than the close of business on the next day following the day on which the pertinent transaction occurred.

CIBC World Markets Corp has been fined $425,000, and charged with failing to accurately report large over-the-counter (OTC) options positions over a six-year period, by the Financial Industry Regulatory Authority (FINRA). The reports were missing in 1,418,430 instances, FINRA said.

The agency focused on the company’s lack of a functioning supervisory system,

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