James Langton
A pair of Bloomberg LP subsidiaries are paying over $3.1 million to settle allegations that they violated securities rules by allowing institutional investors to trade on their venues before securing an exemption.
An Ontario Securities Commission (OSC) hearing panel approved a settlement with two European firms Bloomberg Trading Facility Ltd. (BTFL) and Bloomberg Trading Facility B.V. (BV) that will see them disgorge the $663,305 in fees they generated from the trading, pay a $2.5-million penalty and carry out an internal compliance review.
In settling the regulator’s allegations, the firms admitted to breaching securities rules when they allowed institutional investors to access their multilateral trading facilities before an exemption was granted.