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Timber Hill LLC

Timber Hill LLC (CRD #33319, Greenwich, Connecticut) received a censure and fine of $25,000, and required to revise the firm’s written supervisory procedures regarding the reporting of short sales to ACT. Additionally, within 30 business days of acceptance of this AWC by the NAC, a registered principal of the firm shall submit to NASD a signed, dated letter representing that the firm has revised its written supervisory procedures to address reporting short sales to ACT. According to the findings, the firm failed to report to ACT the correct symbol indicating whether the transaction was a buy, sell, sell short, sell short exempt, or cross for transactions in eligible securities and effected sell orders for securities registered on a national securities exchange without marking each such order “long” or “short.” The NASD also reported that the firm made available reports on the covered orders in national market systems that it received for execution from any person that inadvertently included incomplete information concerning “Average Realized Spread” and “Average Effective Spread” and a report on the covered orders in national market systems securities that it received for execution from any person that inadvertently included incorrect information concerning “Average Realized Spread” for market orders between 500 and 1,999 shares in a security. NASD also found that the firm’s supervisory system did not provide for supervision reasonably designed to achieve compliance with applicable securities laws, regulations, and NASD rules concerning short sales. The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #CMS040173)

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