The SEC’s order finds that, between at least January 2016 and June 2018, TMC Bonds publicly touted its anonymous trading platform, but, in fact, disclosed the identities of certain firms seeking to trade corporate bonds to potential counterparties over 2,500 times during a two-and-a-half year period. According to the order, these disclosures occurred because TMC Bonds failed to establish and implement adequate safeguards or procedures to protect the confidential trading information of its subscribers. The SEC’s order also finds that TMC Bonds failed to provide notice to the SEC that it was operating in a way that was inconsistent with its SEC filings.
‘Enforcement 40’ for 2020
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