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The Third Market Corporation

The Third Market Corporation (CRD #30181, Chicago, Illinois) received a censure and fine of $16,000, and was required to revise its written supervisory procedures relating to short sales and OATS. According to the findings, the firm an eligible security at or below the price at which it held an unexecuted limited price order to purchase such security for a customer. Additionally, the regulators found that the firm failed to immediately display customer limit orders in its public quotation, when each such order was at a price that would have improved its bid or offer in each such security. The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #CMS020012)

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