Cboe Exchange, Inc. has fined TJM Investments, LLC for alleged Exchange rule violations.

In or about June 2023 through July 2024, the Firm failed to use due diligence to execute orders at the best price or prices available in accordance with Exchange Rules.

Specifically, the Firm failed to immediately and continuously represent customer “Held” limit orders to sell where the specified price was at or below the current offer and “Held” limit orders to buy where the specified price was at or above the current bid.

In all, the Firm failed to immediately and/or continuously represent at least 1672 such orders.

In or about July 2024 through September 2024, the Firm inaccurately communicated to the Exchange the reporting of Exchange transactions. Specifically, on approximately 42 occasions, a Firm Floor Broker selected and represented orders on the Firm’s PAR device without actually representing those orders to the trading crowd.

In or about June 2023 through September 2024, the firm failed to establish and enforce Written Supervisory Procedures (“WSPs”), and a system for applying such procedures, reasonably designed to prevent and detect violations of Exchange Rules.

Specifically, the Firm did not establish or enforce procedures to ensure orders marked “Held” were immediately and continuously represented and handled in accordance with Cboe Rules and to ensure orders were in fact being represented in the event “represent” was pressed on a Floor Broker’s PAR.

TJM Investments consented to the imposition of the following sanctions:

• A censure; and
• A monetary fine in the amount of $47,000.