William Blair & Company L.L.C. (CRD #1252, Chicago, Illinois) received a censure and fine of $15,000. According to the findings, the firm, while acting as a market maker in securities, was a party to a locked or crossed market condition prior to the market opening and received a Trade-or-Move message in each instance through SelectNet®, but, within 30 seconds of receiving such messages, failed to fill the incoming Trade-or-Move message for the full size of the message or move its bid down (offer up) by a quotation increment that would have unlocked/uncrossed the market. The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #CMS030032)
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