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TSD Trading, LLC

TSD Trading, LLC (CRD #23510, New York, New York) received a censure and fine of $11,000. The firm was also required, within 30 business days, to revise its written supervisory procedures with respect to securities laws, regulations, and NASD rules concerning short sales. According to the findings, the firm effected short sales in certain securities for the firm's proprietary account(s) and failed to make or annotate an affirmative determination that the firm could borrow the securities or otherwise provide for delivery of the securities by settlement date. The regulators also found that the firm's supervisory system did not provide for adequate supervision to achieve compliance with applicable securities laws, regulations, and NASD rules concerning short sales and did not include written supervisory procedures providing for an affirmative determination for Over-the- Counter Bulletin Board securities. The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #CMS040012)

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