What do you think that swift trade's secret to success is?
Swift Trade secret to success?
- Thread starter profit1.000
- Start date
I do research, and perhaps this number one google explains it.
Exerpt: (1) a large number of wash trades and matched orders in March 2002 by MarketXT, an Electronic Communications Network (âECNâ), NASD member, and registered broker-dealer, which were reported through Nasdaq, and (2) MarketXTâs failure to maintain adequate net capital, and its inability to meet its financial obligations to Nasdaq. These circumstances, which indicated violations by MarketXT of the anti-fraud and net-capital provisions of the securities laws, were not adequately addressed by Nasdaq, as overseen by its parent, NASD.
http://www.sec.gov/litigation/investreport/34-51163.htm
Or this:
However, on cross-examination, Amanatâs expert could identify only one other instance of such trading, involving Swift Trade Securities USA, Inc. Swift Trade was the subject of an NASD enforcement action for engaging in a deceptive trading scheme from April 2002 to May 2002 to earn rebates, using a computer software program to generate wash trades in QQQs. That action settled in 2002, with NASD imposing censures, fines, and disgorgement against Swift Trade and its president. See NASD Notices to Members (Disciplinary Actions Nov. 2002), 2002 WL 31548129.
www.sec.gov/litigation/opinions/2006/34-54708.pdf
c
Exerpt: (1) a large number of wash trades and matched orders in March 2002 by MarketXT, an Electronic Communications Network (âECNâ), NASD member, and registered broker-dealer, which were reported through Nasdaq, and (2) MarketXTâs failure to maintain adequate net capital, and its inability to meet its financial obligations to Nasdaq. These circumstances, which indicated violations by MarketXT of the anti-fraud and net-capital provisions of the securities laws, were not adequately addressed by Nasdaq, as overseen by its parent, NASD.
http://www.sec.gov/litigation/investreport/34-51163.htm
Or this:
However, on cross-examination, Amanatâs expert could identify only one other instance of such trading, involving Swift Trade Securities USA, Inc. Swift Trade was the subject of an NASD enforcement action for engaging in a deceptive trading scheme from April 2002 to May 2002 to earn rebates, using a computer software program to generate wash trades in QQQs. That action settled in 2002, with NASD imposing censures, fines, and disgorgement against Swift Trade and its president. See NASD Notices to Members (Disciplinary Actions Nov. 2002), 2002 WL 31548129.
www.sec.gov/litigation/opinions/2006/34-54708.pdf
c
No, actually it was Swifttrade as you know it.
I seem to recall Beck was fined $75,000 for his part in the matter and Joseph Ianni who I believe acted as their compliance officer was fined $25,000 for being clueless. Mind you this was 4 years ago so my memory may be a little spotty on the details.
"The NASD recently reached a settlement with Swift Trade Securities USA, Inc. and its president, Peter Beck, for engaging in a deceptive trading scheme involving fictitious wash trades in the QQQ ETF in a effort to obtain market data revenue generated from such transactions."
The quote is #1 on the link, towards the bottom.
http://www.sec.gov/news/extra/mktstr-invites/amex102902.htm
Millenium ECN aka NYFIX.