FINRA, the Financial Industry Regulatory Authority, issued a statement yesterday saying that it has fined three companies, including CIBC World Markets Corp., TradeStation Securities, Inc., and E*Trade Securities.

A total of $1.6 million will be assessed to companies for failing to keep track of customers' orders, the regulatory body said Thursday.


TradeStation Securities was fined US$750,000 for failing to report approximately 23.5 million reportable order events relating to orders received. E*Trade was fined US$500,000 for failing to report “new order reports” and “route reports.” CIBC was fined US$350,000 for failing to report to OATS over 28 million orders which were generated by an affiliate. FINRA also found that the three firms did not have adequate systems of supervision in place to monitor their OATS reporting compliance.

"Firms must be vigilant in monitoring the accuracy and completeness of the data they provide to regulators and each firm must ensure that it reports all required order information, no matter which desk receives or handles the order," said Tom Gira, executive vice president of FINRA’s Market Regulation department.

http://www.finra.org/index.htm

https://us.etrade.com/e/t/home

http://www.cibc.com/ca/personal.html

http://www.tradestation.com/default_2.shtm