Robertson Stephens Investment Banking (CRD #41271, San Francisco, California) received a censure and fine of $10,000. According to the regulators, the firm, acting as a market maker in securities, was a party to a locked or crossed market condition prior to the market opening. The NASD determined that the firm 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 #CMS010155)
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SHEPHERD, SMITH & EDWARDS, LLP
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