A Hearing Committee Panel of the Toronto Stock Exchange Inc. has approved a settlement with Research Capital Corp. over allegations that it violated an exchange by-law.
Under the terms of the settlement, Research Capital is required to pay a fine of $15,000 and $2,500 towards the cost of the investigation. It also admits that between November 23, 1998 and March 4, 1999, it failed to keep proper records.
In September 1998, Research Capital identified a problem with one of its traders not properly completing trade tickets. Although it was aware that the trader was not properly completing trade tickets, the firm allowed the conduct to continue.
“These incomplete tickets did not provide an accurate audit trail which hampered the investigation into the trades, contrary to the public interest. In particular, the incomplete and inaccurate records resulted in an inability of the exchange to show when the orders were received, the order size, and price limit,” it says
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