Getco Fined $450,000 for Failing to Supervise Equity Trading

As reported by Bloomberg News, Nina Mehta on March 22, 2012

Regulators fined the market-making unit of automated trading firm Getco LLC $450,000 for failing to maintain proper supervision over its stock buying and selling.

Nasdaq OMX Group Inc. (NDAQ) said Octeg LLC, the unit of Chicago- based Getco that engages in equities market making, violated its rules during the review period, which ran from May 7, 2010, through December 2011, according to a document dated March 8 on Nasdaq’s website. Financial Industry Regulatory Authority conducted the examination. In settling with regulators, Getco didn’t admit or deny doing anything wrong.

“The firm failed to establish and maintain a reasonable supervisory system, including but not limited to its written supervisory procedures and supervisory and operational risk control systems related to the oversight of high-frequency trading and algorithmic trading,” according to the document.

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