Interactive Brokers LLC
The findings stated that in particular, the firm displayed incomplete market data through its desktop, web-based, and mobile trading platforms to customers who did not pay the firm for real-time market data through a subscription service or by purchasing an on-demand static view of a consolidated display of current market data for a particular stock. Ultimately, the firm began providing all customers with a realtime consolidated display for NMS stocks containing all required market data elements at the point of order entry.
The findings also included that the firm failed to establish, maintain, and enforce a supervisory system, including WSPs, reasonably designed to achieve compliance with Rule 603(c) of Regulation NMS (the Vendor Display Rule). The firm had no supervisory system or WSPs from December 2017 through May 2021 and it conducted no reviews of its order entry points for compliance with the Vendor Display Rule. Subsequently, the firm implemented WSPs requiring a review of the order entry points of the firm’s trading platforms to determine whether the firm has provided customers with the required consolidated displays. While the firm conducted these views between June 2021 and December 2022, it did not review all order entry points across the firm’s trading platforms. Ultimately, the firm identified 22 order entry points that it had not included in its prior reviews and began reviewing all order entry points in its reviews in January 2023.
