FINRA fines XP Investments US for overstating its advertised trade volume on Bloomberg
XP Investments US, LLC has agreed to pay a fine of $185,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).
From June 2019 through June 2022, XP violated FINRA Rules 5210 and 2010 by overstating its advertised trade volume on Bloomberg, a private, subscription-based provider of market data, in approximately 3,300 instances by approximately 446 million shares.
From at least June 2019 through December 2023, XP violated FINRA Rules 3110 and 2010 by not establishing and maintaining a supervisory system, including written supervisory procedures (WSPs), reasonably designed to achieve compliance with FINRA Rule 5210.
For these violations, XP was censured and fined $185,000.
XP has been a FINRA member since 2011. The firm is headquartered in New York, NY and has approximately 100 registered representatives across three branches. XP’s business includes, among other things, providing securities trading and brokerage services to retail and institutional customers.