BNP Paribas Securities Corp. agreed. Payment of a fine of $ 600,000 and acceptance of official control from Nasdaq PhLX LLC for extensive failures in keeping accurate records of the hands -up orders that were manually directed between 2019 and 2023.
In a letter of acceptance, the assignment and approval published by Nasdaq PhLX, the company was said to have violated many of the rules for preserving and supervision, including the American Securities Law and the PHLX procedural standards.
Specifically, the company reported that the company has failed to register times to receive, transfer and implement an estimated 139,511 manually.
Nasdaq PhLX added that violations also extended to insufficient supervisory measures.
According to the company, BNP Paribas did not maintain an effective system to detect contradictions, in part due to the fact that incorrect time stamps appeared in the correct sequence in its systems. As a result, repeated errors went without anyone noticing them.
The letter stated that the company “failed to establish, maintain and impose written supervisory measures” designed to discover and prevent these violations.
BNP Paribas did not recognize and did not deny the results, but agreed to the sanctions to solve this issue. From a fine of $ 600,000, $ 150,000 will be paid directly to Nasdaq PhLX.
The company also waived its right to a complaint, hearing, or official appeal as part of the settlement process.