How to gain more from operational risk management practices.
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Cantor Fitzgerald pays $3.2M to settle SEC charges
The SEC has reported that Cantor Fitzgerald & Co. has agreed to pay $3.2 million to settle charges for providing the SEC with incomplete and inaccurate securities trading information known as “blue sheet data.” According to the SEC’s order, for almost five years, Cantor Fitzgerald made numerous deficient blue sheet submissions containing missing or inaccurate data for approximately 35 million transactions, largely due to inadequate processes designed to validate the accuracy of its submissions and undetected coding errors. Broker-dealers are required to provide this information, which the SEC uses to carry out its enforcement and regulatory obligations, including investigations of insider trading and other fraudulent activity.