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Cantor Fitzgerald Settles Charges Related to Blue Sheet Violations

The SEC claims the firm provided incomplete and inaccurate securities trading data on about 35 million transactions over five years.

Broker/dealer Cantor Fitzgerald will pay $3.2 million to settle charges with the Securities and Exchange Commission, which claims the firm provided incomplete and inaccurate securities trading data.

According to the claim, Cantor Fitzgerald was either missing data or provided incorrect data for about 35 million transactions over nearly five years. The agency blames the firm’s failure to have adequate processes for ensuring the accuracy of the data as well as undetected coding errors for the deficiencies.  

The SEC uses so-called blue sheet data to investigate insider trading and other fraudulent activity.

“The SEC depends on broker-dealers to provide it with complete and accurate trade data,” said Kelly L. Gibson, director of the SEC’s Philadelphia Regional Office. “When they fail to meet that obligation, it hinders our ability to detect wrongdoing and protect investors.”

Cantor admitted the findings; it will be censured and fined. The firm is taking steps to address the issues, including bringing in an outside consultant and adopting new policies and procedures for blue sheet requests, the SEC said.

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