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Instinet Corporation

Instinet Corporation (CRD #42886, New York, New York) received a censure and fine of $15,000. According to the findings, the firm failed to disclose the basis for the savings numbers contained in both print and television advertisements. Additionally, the firm failed to disclose how the numbers were derived. The findings also stated that the firm failed to disclose that the savings numbers were not based on actual trades, as implied, but were derived from calculations performed by the firm based on market analysis by an outside firm not identified as the source of the analysis. The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #CAF020069)

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