Securities Lawyers Blog
We represent clients of financial advisors and brokerage firms in investment disputes against their firms, such as State Street Global Markets, LLC. Our services cover a wide spectrum of broker misconduct, including unsuitable investments, failure to supervise, and losses in various investment products. Our firm can analyze your brokerage accounts, determine the extent of your investment losses, and understand the issues and remedies available.
State Street Global Markets, LLC is a State Street broker-dealer that provides agency execution services, including U.S. trade execution for transition management clients. Formed in Delaware in 2016 and registered with the SEC since 2017, the firm is based on Congress Street in Boston and is registered in 53 U.S. states and territories.
State Street Global Markets, LLC – By the Numbers:
- CRD #: 285852
- Regulatory Events: 4
- Broker Employees: 120
State Street Global Markets, LLC – In the News:
FINRA v. State Street Global Markets, LLC (Case #2016048614401) – Staff in Market Regulation’s Trading and Financial Compliance Examinations section conducted a 2016 TFCE Cycle Examination of certain equity trading activity at State Street Global Markets, primarily for trade date February 9, 2016. The examination found that although State Street Global Markets reported its maker-taker model payment for order flow arrangements with its top routing venues, which included other broker-dealers and U.S. equity exchanges, it failed to specify certain material aspects (specifically, amounts per share or per order) with respect to those payment for order flow arrangements for various quarters between 2008 and 2016. Also, as described below, State Street Global Markets’ supervisory system, including its written supervisory procedures (WSPs), was not reasonably designed to achieve compliance with Rule 606 promulgated under the Securities Exchange Act of 1934. Accordingly, from October 2008 through September 2016, State Street Global Markets violated Rule 606, and FINRA Rules 3110 and 2010.
FINRA v. State Street Global Markets, LLC (Case #2016051821601) – From November 4, 2011 to April 21, 2017 (the “Relevant Period”), SSGM failed to maintain electronic brokerage records in a non-erasable and non-rewritable format, known as WORM format, as required by Section 17(a) of the Exchange Act, Exchange Act Rule 17a-4(f)(2), NASD Rule 3110 and FINRA Rule 4511. WORM stands for “write once, read many,” and is intended to prevent the alteration or destruction of records stored electronically. During the Relevant Period, SSGM failed to maintain in WORM format approximately 131.5 million records of orders placed by institutional clients. SSGM also failed to store separately from the original a duplicate copy of electronic records, in violation of Exchange Act Rule 17a-4(f)(3)(iii), NASD Rule 3110 and FINRA Rule 4511; and failed to implement an audit system for the inputting of records in electronic storage media, in violation of Exchange Act Rule 17a-4(f)(3)(v), NASD Rule 3110 and FINRA Rule 4511. Finally, SSGM’s written supervisory procedures failed to have adequate supervisory processes relating to the Firm’s compliance with record retention requirements, in violation of NASD Rule 3010 and FINRA Rule 3110.
Our attorneys have successfully represented hundreds of investors in investment disputes with their brokers and brokerage firms. Our consultations are free and we welcome all inquiries.