SEC Charges Bloomberg Tradebook for Order Routing Misrepresentations

FOR IMMEDIATE RELEASE

2020-104

Washington D.C., May 6, 2020

The Securities and Exchange Commission today filed settled charges against registered broker-dealer Bloomberg Tradebook LLC for making material misrepresentations and omitting material facts about how the firm handled certain customer trade orders.

The SEC’s order finds that Tradebook routed certain customer orders – primarily orders entered by customers who paid relatively low commission rates – using an undisclosed arrangement that it referred to internally as the “Low Cost Router.” As part of this arrangement, Tradebook allowed three unaffiliated broker-dealers to determine the venues to which certain customer “immediate-or-cancel” orders would be routed for execution. Tradebook did not inform affected customers that a significant portion of their orders would be routed by an unaffiliated broker-dealer instead of by Tradebook. Between November 2010 and September 2018, approximately 6.4 million Tradebook customer orders were executed based on routing decisions made by these unaffiliated broker-dealers. This practice contradicted Tradebook’s marketing materials, which represented that customer orders would be routed by Tradebook’s own “advanced” technology, based on factors such as price and liquidity. Additionally, Tradebook provided unverifiable execution venue information to customers for more than a million orders routed using the Low Cost Router.

“Contrary to representations in its marketing materials, Tradebook let unaffiliated brokers make decisions about the routing of certain customer trade orders in a way that lowered Tradebook’s costs,” said Joseph G. Sansone, Chief of the Enforcement Division’s Market Abuse Unit. “Broker-dealers must take care to provide customers with accurate and up to date information about important features of their order routing services.”

The SEC’s order finds that Tradebook violated an antifraud provision of the securities laws. Without admitting or denying the findings in the SEC’s order, Tradebook agreed to be censured and to pay a $5 million penalty, an amount that reflects Tradebook’s significant cooperation with the SEC staff.

https://www.sec.gov/news/press-release/2020-104

Was likely missed /LB

>>9055099

She was expecting a question like that… what an epic response!

>>9055155

see

>>9055184

Her response was listing NYT, WP, NPR 'reports' about the flu being more deadly than wuhan virus and asked if they would like to apologize for their reporting.

She looked down at her notes for her response. Was awesome!

>>9055152

link: www.whitehouse.gov/live

>>9055335

Jeff must be suffering from memory loss or dementia.

Thanks for the question Jeff.

>>9055464

It has been discussed by anons for the several breads earlier today. Seems legit and especially that youtube removed causes additional interest.

It is more important (if you find it credible) to send it to your friends/family than for it to be in notables.

virtue signaling…

https://twitter.com/SenFeinstein/status/1258149006322085890

>>9055690

>Sexual Assault Awareness & Prevention Month

I understood that to mean a month of preventing awareness of sexual assault.

Roberts, Liberal Justices Wary of Trump Exemptions to Birth Control Mandate

The Supreme Court on Wednesday seemed wary of Trump administration exemptions to the Obamacare birth control mandate in a marathon teleconference session that lasted over 90 minutes.

The mandate requires employers to provide contraceptive coverage to their workers at no cost. Trump administration rules at issue in Wednesday's case allow employers, including universities and publicly traded companies, to self-exempt from the mandate if they have religious or moral qualms about providing birth control to their workers.

The case closely divided the Court, which has twice heard cases involving accommodations under the mandate. Chief Justice John Roberts and the four left-leaning justices appeared concerned that the Trump rule is overbroad, doing more work than necessary to placate objectors.

Speaking from Johns Hopkins Hospital in Baltimore, Justice Ruth Bader Ginsburg said the Trump policy ignores the Affordable Care Act and forces workers and students to spend their own money because of an employer's religious scruples.

"The glaring feature of what the government has done in expanding this exemption is to toss to the winds entirely Congress's instruction that women need and shall have seamless, no-cost, comprehensive coverage," Ginsburg told solicitor general Noel Francisco.

Ginsburg was hospitalized Tuesday with a benign gallbladder condition. She sounded healthy and spoke at length during Wednesday's tele-argument. The justice anticipates leaving the hospital in a day or two.

Roberts had pointed questions for the administration and wondered if the Trump policy swept "too broadly." He later asked if a compromise is feasible, a possibility Justice Stephen Breyer also raised.

"Is it really the case that there is no way to resolve those differences?" Roberts said.

Two states, Pennsylvania and New Jersey, challenged the administration's rules in federal court. A trial judge issued a nationwide injunction barring enforcement of the exemption across the country. The Third U.S. Circuit Court of Appeals sided with the states, prompting an appeal to the Supreme Court.

Francisco argued the exemption is allowed under Obamacare and required under a 1993 law called the Religious Freedom Restoration Act. RFRA seeks to strike "sensible balances" between the government and religious objectors.

https://freebeacon.com/courts/roberts-liberal-justices-wary-of-trump-exemptions-to-birth-control-mandate/

^^^^^

read more at the site.

>>9055770

those are targeted ads. you must view porn sites.

kek