HSBC Securities Inc. (CRD #19585, New York, New York) received a censure and fine of $10,000. Additionally, the firm is required to revise its written supervisory procedures concerning firm quotations. According to the findings, the firm, while acting as a registered market maker in the securities, failed to execute orders upon presentment and thereby failed to honor its published quotation. Additionally, the firm's supervisory system did not provide for supervision reasonably designed to achieve compliance with applicable securities laws and regulations concerning firm quotations. The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #CMS020140)
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