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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: TFF who wrote (10013)4/18/2002 12:59:28 PM
From: Dan Duchardt   of 12617
 
Posted on IB Forum

interactivebrokers.com

On March 8, 2002, Interactive Brokers (“IB”) entered into a settlement to resolve an inquiry by
NASD Regulation, Inc. (“NASDR”) regarding the electronic format of orders sent by IB to
electronic communication networks (“ECNs”) via the SelectNet system; the electronic format of
Order Audit Trail (“OATS”) reports and the retention thereof; and IB’s related supervisory
practices. Specifically, NASDR found that IB violated an NASD rule concerning the use of the
Nasdaq SelectNet system by electronically sending orders with an “N” (or “non-negotiable”)
modifier in accessing ECNs (in cases where IB did not route orders directly to the ECNs). NASDR
also found that IB provided 24-character hexadecimal order identification numbers in its OATS
reports rather than an 8-character alphanumeric identifier as required by the OATS rules; found
that IB failed to retain for a sufficient period of time certain electronic information created by IB
as a software debugging record; and found deficiencies in IB’s supervision of these aspects of
the firm’s operations. IB cooperated with NASDR staff during the investigation and is pleased
that it was able to resolve the NASDR inquiry on satisfactory terms. Under the terms of the
settlement, IB did not admit or deny NASDR findings that the firm failed to comply with NASD
regulations, but agreed, among other things, to make certain changes in its systems based on
NASDR findings.

IB is committed to providing to its customers the highest quality electronic trading systems
available to market participants anywhere. We are continuously working to update and improve
our systems to maintain our preeminence in high-speed execution and straight-through clearing
services.

Thanks,
David Battan, Vice President and General Counsel, Interactive Brokers
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