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Warburg Dillon Read, L.L.C.

Warburg Dillon Read, L.L.C. (CRD #7654, Stamford, Connecticut) received a censure and fine of $9,500 In addition, the firm was required to pay $3,968.75, plus interest, in restitution to public customers. According to the regulators, the firm received customer limit orders to buy or sell securities and failed to contemporaneously execute shares of the customer limit orders after it bought or sold shares for its market-making account. The regulators also found that the firm failed to immediately display customer limit orders when the orders were at a price that would have improved its bid or offer in each security related to those orders or when the orders were priced equal to its bid or offer and the national best bid or offer and the size of the orders represented more than a de minimis amount in relation to the size associated with its bid or offer in each security. The firm accepted the fine and censure but did not admit or deny the accusations.(NASD Case #CMS990069)

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