FINRA Fines Interactive Brokers $5.5 Million for Violating SEC Regulation
Posted: Sun Aug 19, 2018 4:40 pm
The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Interactive Brokers LLC, a global electronic brokerage, $5.5 million for violating Security and Exchange Commission (SEC) Regulation SHO and supervisory failings regarding naked short positions for a period of a minimum of three years.
Naked short selling is the sale of shares that a trader has neither borrowed nor made arrangements to borrow. As required by the SEC, after completing a short sale transaction, firms are required to purchase or borrow the securities to limit ongoing naked short positions.
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