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Timber Hill LLC

Timber Hill LLC (CRD #33319, Greenwich, Connecticut) received a censure and fine of $25,000. According to the findings, the firm, while acting as a market maker in securities, it 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, and, 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 #CMS030259)

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