Getco Octeg Affiliate Fined

Discussion in 'Wall St. News' started by Options12, Mar 23, 2012.

  1. Options12

    Options12 Guest

    We are pleased to have resolved this matter,” Getco said in a statement. “While there was no harm caused to the market or to any participants, we are always looking for ways to further enhance our policies, procedures and controls.

    Octeg agreed to hire an independent consultant to review the company’s supervisory procedures and risk controls for the operation of its algorithms, or trading strategies. That includes the “creation, modification, usage and testing of trading algorithms” and the company’s oversight of its trading message traffic, wash sales and “other potentially improper trading activity,” according to the document on Nasdaq’s site.