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Whale Securities Co., L.P.

Whale Securities Co., L.P. (CRD #13516, New York, New York) received a censure and fine of $27,000. The firm was also required to revise their written supervisory procedures relating to locked and crossed markets, the Small Order Execution SystemSM (SOESSM), registration, limit orders, best execution, and books and records. The revised procedures must be submitted to the NASD within 60 days of acceptance of this AWC by the NAC. According to the findings, the firm failed to immediately display customer limit orders in Nasdaq® securities in its public quotation when each such order was at a price that would have improved the firm’s bid or offer in each security, or when the order was priced equal to the firm’s bid or offer and the national best bid or offer for each security, and the size of the order represented more than a de minimus change in relation to the size of the firm’s bid or offer in each security. In addition, the firm failed to establish, maintain, and enforce written supervisory procedures reasonably designed to achieve compliance with applicable securities laws, regulations, and NASD rules concerning locked and crossed markets, SOES, registration, limit orders, best execution, and books and records. The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #CMS990175)

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