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Finra fines Credit Suisse for short sale violation
05 January 2012
The firm is alleged to have entered into millions of short sale orders without grounds to believe that the securities could be borrowed and delivered
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Finra
Credit Suisse
short selling
The Financial Industry Regulatory Authority (Finra) has fined Credit Suisse Securities USA $1.75m for violating Regulation SHO (Reg SHO) and failing to properly supervise short sales of securities and marking of sale orders.
As a result of these violations, Credit Suisse entered millions of short sale orders without reasonable grounds to believe that the securities could be borrowed and delivered and mismarked thousands of sales orders, said Finra.
Reg SHO requires a...
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