Securities Lawyers Blog
Investors researching Dealerweb LLC often want to know about the firm’s regulatory history before deciding whether to speak with a lawyer. This page summarizes the FINRA disciplinary actions in which Dealerweb LLC was named. The securities fraud attorneys at Gana Weinstein LLP represent investors in claims against brokerage firms and financial advisors for investment fraud, unsuitable investment recommendations, excessive trading, and failure to supervise, and we can review the firm’s record together with your account statements to determine whether you have a claim.
Dealerweb is the inter-dealer brokerage arm of Tradeweb Markets, operating voice and electronic wholesale marketplaces for dealers trading United States Treasuries, agency securities, mortgage-backed TBAs, repo, corporate bonds and municipal bonds. Established as a Tradeweb division in 2008 and expanded through the 2011 acquisition of the brokerage business of Rafferty Capital Markets, the firm is based in New York and serves dealers in global rates markets.
Dealerweb LLC – By the Numbers:
- CRD #: 19662
- Regulatory Events: 7
- Broker Employees: 157
Dealerweb LLC – In the News:
FINRA v. Dealerweb LLC (Case #2020067548401) – Between July 2016 and December 2020, the firm inaccurately reported approximately 180,000 transactions in TRACE-Eligible Securities to TRACE without the required “No Remuneration” (NR) indicator in violation of FINRA Rules 6730(d) and 2010. Between July 2016 and March 2022, the firm’s supervisory system was not reasonably designed to achieve compliance with the firm’s transaction reporting obligations for TRACE-Eligible Securities in violation of FINRA Rules 3110(a) and 2010.
FINRA v. Dealerweb LLC (Case #2018057239701) – From April 2016 through March 2019, Dealerweb failed to report approximately 147,000 trades to the Municipal Securities Rulemaking Board’s (MSRB) Real-time Transaction Reporting System (RTRS) in increments of seconds. As a result, Dealerweb violated MSRB Rule G-14 during the period. From October 2017 through December 2017, Dealerweb failed to report the correct Time of Trade in 167 reports to the RTRS and failed to timely report those transactions to the RTRS in violation of MSRB Rule G-14. In the same 167 instances, Dealerweb failed to record the correct Time of Trade on its trade memorandum in violation of MSRB Rule G-8. From April 2016 through March 2019, Dealerweb failed to conduct a documented comparison required by its WSPs to confirm the accuracy of the Time of Trade reported to the MSRB. In addition, the WSPs failed to designate the frequency of and supervisor responsible for the Time of Trade review. As a result, Dealerweb violated MSRB Rule G-27 during the period.
FINRA v. Dealerweb LLC (Case #2016050784301) – In Matter No. 20160507843, the Trade Reporting and Compliance Engine (“TRACE”) staff of the Market Regulation Department (the “staff”) of the Financial Industry Regulatory Authority (“FINRA”) conducted a review of inter-dealer reports for the firm’s TRACE-eligible Agency Debt Securities submitted to TRACE during the period from April 1, 2016 through June 30, 2016 (the “review period”). As a result of the review, the firm violated SEC Rule 17a-3 and FINRA Rules 4511, 6730(a), and 6730(c)(8).
FINRA arbitration is faster and less formal than court, and most claims against brokerage firms such as Dealerweb LLC are resolved there. The securities arbitration attorneys at Gana Weinstein LLP can explain how to file a FINRA claim and what to expect. Our consultations are free and we welcome all inquiries.