CODA Markets, Inc has agreed to pay a fine of $210,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).

Between June 2023 and September 2025, CODA published 21 inaccurate monthly reports of executions of covered orders in NMS securities required under Rule 605 of Regulation NMS.

First, from June 2023 through February 2024, due to a vendor’s coding error, CODA published nine reports that included misclassified orders.

Second, from October 2024 through September 2025, CODA published 12 reports that incorrectly included orders that were not reportable under Rule 605.

As a result, CODA violated Rule 605 of Regulation NMS and FINRA Rule 2010.

During the same period, CODA failed to establish and maintain a supervisory system, including WSPs, reasonably designed to achieve compliance with Rule 605. Specifically, CODA lacked reasonable systems and procedures for reviewing the accuracy of its Rule 605 reports.

As a result, the firm violated FINRA Rules 3110(a), 3110(b), and 2010.

The firm has agreed to a censure in addition to the fine of $210,000.

CODA has been a FINRA member since May 1994. CODA is headquartered in Wilmette, Illinois, employs approximately 10 registered representatives, and maintains one branch. CODA operates an alternative trading system (ATS) and offers, among other things, execution and routing services to broker-dealers and institutional customers.