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Two trading platform subsidiaries of financial data and technology company Bloomberg L.P. have agreed to pay more than $3 million in disgorgement and penalties to settle Ontario Securities Commission allegations they operated in Canada without authorization, and failed to provide candid, accurate and complete information to regulators.
At a hearing Friday morning, a three-member panel of OSC commissioners chaired by OSC vice-chair Wendy Berman approved the negotiated settlement, which included disgorging more than $600,000 in fees earned on the trades.
Lawrence Ritchie, a lawyer for Bloomberg Trading Facility Ltd. and Bloomberg Trading Facility B.V., said the companies “had a good faith intent” when operating in Canadian markets, and added that the unauthorized fixed-income trading took place as a result of “a gap in their internal controls.”
He added that the firms had “taken concrete remediation measures” since discovering the problem, and had co-operated with regulators.
