HR 4619
To amend the Securities Exchange Act of 1934 to prohibit trading ahead by market makers, and for other purposes.
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- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill aims to protect investors by prohibiting market makers from ‘trading ahead,’ which is using customer orders to their own advantage. It establishes a duty of trust and loyalty for market makers when receiving customer orders, treating that information as confidential. The bill also requires the CEO of market making firms to annually certify compliance with these duties and includes significant penalties – fines and potential imprisonment – for violations, particularly for individuals who knowingly cause or direct such violations.
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