Client code modification policy permits limited waiver for genuine errors and bars treating proprietary trades as client trades. A stock exchange may waive penalty for a client code modification if the broker produces evidence satisfactory to the exchange that the change resulted from a genuine error, limited to one waiver per broker per quarter with an explanatory restriction on reciprocal code pairs. Proprietary trades cannot be converted to client trades and exchanges must report quarterly to the regulator all client code modifications for which penalties were waived. Exchanges must discipline frequent modifiers and put in place systems, rule amendments, member communications and report implementation status to the regulator.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Client code modification policy permits limited waiver for genuine errors and bars treating proprietary trades as client trades.
A stock exchange may waive penalty for a client code modification if the broker produces evidence satisfactory to the exchange that the change resulted from a genuine error, limited to one waiver per broker per quarter with an explanatory restriction on reciprocal code pairs. Proprietary trades cannot be converted to client trades and exchanges must report quarterly to the regulator all client code modifications for which penalties were waived. Exchanges must discipline frequent modifiers and put in place systems, rule amendments, member communications and report implementation status to the regulator.
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