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IBKR

Interactive Brokers

$61.99

0.76 (1.24%)

18:43
08/20/18
08/20
18:43
08/20/18
18:43

FINRA fines Interactive Brokers $5.5M for regulation SHO violations

FINRA announced that it has fined Interactive Brokers LLC $5.5M for Regulation SHO violations and supervisory failures spanning a period of at least three years. To limit ongoing naked short positions, firms are required by the SEC's Reg SHO, after completion of a short sale transaction, to deliver the shares on settlement date or take affirmative action to close out the "failure to deliver" shares by purchasing or borrowing the securities. If the failure to deliver is not closed out, the firm may not accept additional short sale orders in the security without first borrowing or arranging to borrow the security. Regulation SHO also prohibits the execution or display of short sale in a "covered security" at a price that is less than or equal to the current national best bid when the price of the security has fallen by 10 percent or more in one day. FINRA found that from July 2012 through June 2015, Interactive's supervisory system, including its written supervisory procedures, was not reasonably designed to achieve compliance with the requirements of Regulation SHO. Also, Interactive repeatedly ignored "red flags," including internal audit findings, multiple internal warnings from its clearing and compliance personnel, its own annual risk assessments, and FINRA exam findings, indicating that its Regulation SHO supervisory systems and procedures were unreasonable. Although Interactive was aware of these supervisory deficiencies, it did not implement remedial measures until mid-2015. As a result, Interactive did not timely close-out more than 2,300 fails-to-deliver, and accepted and executed short orders in those securities without first borrowing the security approximately 28,000 times. Interactive also permitted the execution or display of more than 4,700 short sale orders in covered securities at a price less than or equal to the current national best bid. In settling this matter, Interactive neither admitted nor denied the charges, but consented to the entry of FINRA's findings.

IBKR Interactive Brokers
$61.99

0.76 (1.24%)

04/06/18
RSBL
04/06/18
NO CHANGE
Target $65
RSBL
Buy
Interactive Brokers estimates raised on better trading activity at Rosenblatt
Rosenblatt analyst Chris Allen raised Interactive Brokers Q1 earnings estimate to 57c from 48c, FY18 to $2.17 from $2.01, and FY19 to $2.38 from $2.18 to reflect higher DART forecasts from an improved trading backdrop and "exceptional account" growth. Allen raised his price target on Interactive Brokers to $65 and reiterates a Buy rating on shares.
04/18/18
RHCO
04/18/18
NO CHANGE
Target $75
RHCO
Hold
Interactive Brokers price target raised to $75 from $62 at SunTrust
SunTrust analyst Douglas Mewhirter raised his price target on Interactive Brokers to $75, saying the underlying metrics of the company's Q1 earnings report reflected "continued strength in account growth, improved net interest income, and greater DARTs per account". The analyst keeps his Hold rating but raises his FY18 EPS target to $2.23 from $2.05, adding that the stock justifies above-peer multiple as it continues to post the highest account and asset growth in the industry.
04/18/18
WELS
04/18/18
NO CHANGE
Target $60
WELS
Underperform
Interactive Brokers price target raised to $60 from $52 at Wells Fargo
Wells Fargo analyst Christopher Harris raised his price target for Interactive Brokers to $60 from $52 following quarterly results. The analyst reiterates an Underperform rating on the shares.
07/18/18
RHCO
07/18/18
NO CHANGE
Target $71
RHCO
Hold
Interactive Brokers price target lowered to $71 from $75 at SunTrust
SunTrust analyst Douglas Mewhirter lowered his price target on Interactive Brokers to $71 and kept his Hold rating after its mixed Q2 results. The analyst notes the company posted slower account growth and Daily Average Revenue Trades metrics, even as its net interest income improved and its profits benefited from the lower tax rate. As a result of the lower forecasted commissions revenues, Mewhirter also lowers his Interactive Brokers' FY18 EPS estimate to $2.16 from $2.23.

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