NYSE Regulation Inc., the regulatory body of NYSE Euronext Inc. of New York, fined Credit Suisse Group Inc. $350,000 for trading ahead of customer orders.
According to the complaint, the Zurich, Switzerland-based bank purchased or sold NYSE-listed stock while in possession of similar orders from clients.
Additionally, on 11 occasions the firm failed to obtain customer permission to trade ahead of or along with customer orders, and violated other exchange management and documentation rules.
Meanwhile, NYSE Regulation fined LL Partners Inc. of New York $40,000 and censured the firm for books and records violations.
LL Partners was cited for several violations in 2003 and 2004, including its handling of error transactions and its failure to supervise those transactions.
The company was also accused of failing to maintain order tickets and floor-execution reports to support its commission bills, while also failing to adhere to e-mail retention procedures and filing reports that inaccurately computed the firm's net capital.
Both firms agreed to the penalties without admitting or denying wrongdoing.
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