Wolverine Trading, LLC has agreed to pay a fine as a part of a settlement with Cboe Exchange, Inc.
From June 12, 2023, through on or about January 31, 2024, the firm failed to report 156 transactions executed on the floor within 90 seconds after execution.
During the Review Period, the firm failed to establish, maintain, and enforce written supervisory procedures (“WSPs”), and a system for applying such procedures, reasonably designed to prevent and detect violations of applicable Exchange rules that require transactions be reported to the Exchange within 90 seconds of the execution in a form and manner prescribed by the Exchange.
In particular, the firm’s WSPs only restated the language of Cboe Rule 6.1 without any more specificity or detail as to how the Firm ensures compliance with Cboe Rule 6.1.
In light of the alleged rule violations described above, the firm consents to the imposition of a censure and a monetary fine in the amount of $19,000.
