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Monday, September 03, 2018 9:26:51 PM
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(Reuters) - The Financial Industry Regulatory Authority (FINRA) has fined a unit of Interactive Brokers Group Inc (IBKR.O) $5.5 million for violating several naked short selling rules over a period of at least three years.
As a result of these failings, Interactive allegedly failed to close out more than 2,300 failure-to-deliver shares, as required by the SEC’s Regulation SHO, in a timely manner, according to the press release. And in 28,000 instances, Interactive allegedly executed short orders on these securities without first borrowing or arranging to borrow them as required, according to the press release. Furthermore, in more than 4,700 instances, Interactive allegedly permitted the execution or display of short sales orders at a price less than or equal to the then-current national bid, another violation of Regulation SHO, Finra says.
https://www.reuters.com/article/us-interactive-fine/finra-fines-interactive-brokers-5-5-million-for-short-selling-violations-idUSKCN1L525H
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