The American Stock Exchange ("Amex") today announced settled disciplinary actions against AGS Specialists, LLC; AIM Securities, LLC; Bear Hunter Structured Products, LLC; Bear Wagner Specialists, LLC; Charlton Specialist Partners, LLC; Cohen, Duffy & McGowan, LLC; Goldman Sachs Execution and Clearing, LLP (F/K/A Spear, Leeds and Kellogg, LLP); Group One Trading, LP; HBH Specialists, LLC; Jane Street Specialists, LLC (F/K/A Bowery Specialists Group, LLC); Kellogg Capital Group LLC (F/K/A Performance Capital Group LLC); LaBranche & Co., LLC; LaBranche Structured Products, LLC; SLK-Hull Derivatives, LLC; Susquehanna Investment Group; TD Options LLC; and Wolverine Trading LLC for violations of Amex and Securities and Exchange Commission rules and regulations related to order handling and specialist obligations from 2002 through 2005. The firms consented to censures and fines totaling $2,575,000.
In addition, some of the firms agreed to supervisory undertakings designed to enhance their compliance with these requirements.
"These settlements represent the culmination of long investigations, and underscore the critical importance of compliance with these order handling rules," said Claudia Crowley, Senior Vice President and Chief Regulatory Officer of the Amex.
"The Amex takes its regulatory responsibilities very seriously and we have implemented substantial technology and automation enhancements that now assist our specialists in complying with their order handling obligations," said Neal Wolkoff, Amex Chairman and CEO. "We are pleased that these specialist firms have resolved these past matters."
In settling these matters, the firms neither admitted nor denied the charges, but consented to the entry of the Amex's findings.
The Decisions and related Stipulations of Facts and Consents to Penalty can be viewed at the following link:
http://www.amex.com/?href=/atamex/regulation/discipline/at_regdiscipline.html.
