New York-based investment bank and brokerage Cantor Fitzgerald has been handed a $1.4 million fine by the Securities and Exchange Commission (SEC) for its repeated failure to identify and report customers as large traders.
Large traders are market participants whose transactions equal or exceed two million shares or $20 million during any calendar day or at least 20 million shares or $200 million per month, typically institutional investors.
According to the regulator, Cantor Fitzgerald failed to track and report more than 100 large traders from at least August 9, 2019, to May 12, 2023, among other securities violations.
The firm did not admit or deny any wrongdoing when agreeing to pay the fine.
It was ordered to pay the $1.4 million sum to the SEC within 10 days of the June 14 filing.
Cantor did not immediately respond to a request for comment from Reuters.
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