Defendant Name:
UBS Securities LLC
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
UBS AG
SIC Code:
6021
CUSIP:
H4209710
Document Reference:
33-9697
Document Details
Legal Case Name
In the Matter of UBS Securities LLC
Document Name
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Sections 15(b) and 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
Document Date
15-Jan-2015
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
On January 15, 2015, the SEC instituted settled administrative and cease-and-desist proceedings against UBS Securities LLC. According to the SEC: "UBS is the owner and operator of UBS ATS, an alternative trading system ('ATS') commonly referred to as a 'dark pool.' UBS ATS is a private execution venue that accepts, matches, and executes orders to buy and sell securities that it receives from UBS clients and UBS ATS subscribers. Those clients and subscribers include many of the world's largest asset managers, broker-dealers, and institutional investors, who may place trades on behalf of all kinds of investors, including pension funds and individuals with retail brokerage accounts. Between May 2008 and August 2012, UBS ATS was among the largest ATSs. As measured by dollar volume, it was the nation's largest equity ATS during the second quarter of 2014, having executed over $416 billion in equity securities transactions in that period. During the same quarter, UBS executed trades for nearly 10.7 billion shares on UBS ATS. Between 2008 and 2012, UBS's operation of and disclosures regarding UBS ATS violated federal securities laws and regulations at different times and in numerous ways."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Monetary Penalties:
Disgorgement
Individual:
$2,240,702.50
Shared:
Civil Penalty
Individual:
$12,000,000.00
Shared:
Pre-Judgment Interest
Individual:
$235,686.14
Shared:
