DOW JONES NEWSWIRES
Citigroup Inc. (C) was fined $150,000 by the New York Stock
Exchange's regulatory arm for trading violations and related
supervisory deficiencies.
Its Citigroup Global Markets business consented to the findings
without admitting or denying guilty.
NYSE Regulation alleged that on four days in 2007, the company
canceled 365 market-on-close orders of various securities after the
relevant cutoff times. It also found that on 18 days in December
and January, the firm submitted 12,480 limit-on-close orders after
the 3:40 p.m. EDT cutoff time.
Meanwhile, National Financial Services LLC was fined $75,000 for
also failing to abide by rules regarding the same orders that got
Citigroup into trouble.
Also, NYSE Regulation fined TradeStation Group Inc. (TRAD)
$100,000 for improper conduct related to odd-lot orders
inconsistent with NYSE rules and policies regarding such
transactions.
Both National Financial, a unit of Fidelity Investments, and
TradeStation also neither admitted or denied guilt.
-By Kevin Kingsbury, Dow Jones Newswires; 212-416-2354;
kevin.kingsbury@dowjones.com
