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Icapital Markets LLC

Icapital Markets LLC (CRD #5209, Jersey City, New Jersey) received a censure and fine of $10,000. According to the findings, the firm entered a priced order into an electronic communication network (ECN) that was displayed in The NASDAQ Stock Market. NASD found that the firm caused a locked/crossed market condition prior to the market opening by entering a priced order into an ECN, that, in turn, displayed the order by entering a bid (ask) quotation that locked/crossed another market maker's quotations. The findings stated that the firm did not immediately thereafter send through SelectNet(r) to the market maker(s) whose quote(s) were locked or crossed a Trade-or-Move message(s) that was at the receiving market maker's quoted price, and whose aggregate size was at least an amount equal to the size of the agency order the firm entered into the ECN. The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #CMS020132)

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