1 year ago



Citadel Securities LLC

Citadel Securities LLC Page 2 If you have any questions concerning this matter, please contact Renee Barnett, Senior Counsel, at (240) 386-6107. xecutive Vice Pres"i:lent, Legal Section Department of Mar t Regulation, FINRA Signed on behalf of NASDAQ Enclosure FINRA District 8 - Chicago Edward Wegener Senior Vice President and Regional Director (Via email) Paul R. Eckert Wilmer Cutler Pickering Hale and Dorr LLP 1875 Pennsylvania Avenue NW Washington, DC 20006

THE NASDAQ STOCK MARKET LLC LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO. o20/()Q:l.2S/fJO- 01 TO: RE: The NASDAQ Stock Market LLC c/o Department of Market Regulation Financial Industry Regulatory Authority ("FINRA") Citadel Securities LLC, Respondent Broker-Dealer CRD No. 116797 Pursuant to Rule 9216 of The NASDAQ Stock Market LLC ("Nasdaq") Code of Procedure, Citadel Securities LLC (the "firm" or "Citadel") submits this Letter of Acceptance, Waiver and Consent ("A WC") for the purpose of proposing a settlement of the alleged rule violations described below. This AWC is submitted on the condition that, if accepted, Nasdaq will not bring any future actions against the firm alleging violations based on the same factual findings described herein. I. ACCEPTANCE AND CONSENT A. The firm hereby accepts and consents, without admitting or denying the findings, and solely for the purposes of this proceeding and any other proceeding brought by or on behalf of Nasdaq, or to which Nasdaq is a party, prior to a hearing and without an adjudication of any issue oflaw or fact, to the entry of the following findings by Nasdaq: BACKGROUND The firm has been a member of Nasdaq since July 12, 2006, and its registration remains in effect. The firm has no relevant disciplinary history. SUMMARY In connection with Review No. 20100235180, the Market Regulation Department (the "staff'') reviewed certain firm proprietary algorithmic trading activity and related supervision during the period February 2008 through August 2012 (the "review period"). As a result of its review, the staff found violations ofNasdaq Rules 2110, 3010 and 3110 and SEC Rule l 7a-4, as set forth below. 20100235180,(RJB) 1

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