The Nasdaq Stock Market LLC has posted a notice of disciplinary action against TD Arranged Services LLC, formerly known as ATM Execution LLC.

Between December 2021 and December 2024 (the “Relevant Period”), ATMC failed to establish and maintain a supervisory system, including written supervisory procedures, reasonably designed to monitor for potentially manipulative trading on its platform, including prearranged and coordinated trading and momentum ignition by foreign broker- dealers routing orders to ATMC through omnibus accounts, layering and spoofing, and marking the close.

ATMC’s failure to identify potentially manipulative trading patterns in omnibus accounts may have allowed potentially manipulative trading to occur in certain circumstances. As a result, ATMC’s supervisory system was not reasonably designed to detect and prevent potentially manipulative trading activity in violation of Nasdaq General 9, Section 1(a) and General 9, Section 20.

For these violations, ATMC was censured and fined $29,166.64 (resolved simultaneously with similar matters for a total fine of $150,000). Similar matters have been brought by Cboe BYX Exchange, Inc.; Cboe BZX Exchange, Inc.; Cboe EDGA Exchange, Inc.; Cboe EDGX Exchange, Inc.; FINRA; Investors Exchange LLC; MEMX LLC; MIAX Pearl, LLC; New York Stock Exchange LLC; NYSE American LLC; and NYSE Arca, Inc.