Tradeweb Direct LLC has agreed to pay a fine of $65,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).

From April 11, 2022 through January 19, 2023, Tradeweb failed to include the the Non-Transaction-Based Compensation (NTBC) indicator when reporting 145,898 municipal securities transactions with customers that did not include a mark-up, mark-down, or commission.

The failure to report the special condition indicator resulted from a technical error associated with Tradeweb’s transition to a new clearing firm in April 2022.

Therefore, Tradeweb violated MSRB Rule G-14(b).

On top of the $65,000 fine, the firm has agreed to a censure.

Headquartered in New York, New York, Tradewen has more than 100 registered representatives and three branch offices. Among other things, Tradeweb operates an alternative trading system for the trading of fixed income securities and executes orders in a riskless principal capacity on behalf of its institutional customers with other dealers.