Commentary

Eric Stockland
Traders Magazine Online News

Incentivizing a Better Market

In this blog from IEX, the exchange announces a first-of-its-kind fee that is designed to improve all trading, including the experience of displayed orders - the Signal Fee.

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November 1, 2002

Phantom Sales

By Editorial Staff

Swift Trade Securities USA and its president, Peter Beck, have reached a settlement with the NASD, requiring the two to pay a $75,000 fine from "fictitious" wash sales. They were also required to pay back $26,000 in profits from the transactions. Joseph Ianni, Swift's vice president of compliance, was also fined by the NASD for inadequate supervision of what the NASD said was a "deceptive trading practice." According to the regulators, Swift, a Toronto brokerage, operated a computer software program that simultaneously routed offsetting limit orders for QQQs to the Island ECN.

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