Violation of the Reporting Rules

What this video covers

• Why marking a transaction late is an automatic system status, not itself a sanction or violation finding
• How the 10-second reporting window works, including the possibility of another time period prescribed by rule
• Why the standards of commercial honor rule reaches both a participant and a person associated with a participant
• Why the word "may" makes the violation finding permissive rather than automatic
• The three required elements of a pattern or practice of unexcused late reporting: repeated reports, lateness, and no reasonable justification or exceptional circumstances
• The difference between exceptional circumstances and reasonable justification, including system failures, extreme volatility, and complex manual trades
• Why the closing sentence about fair and orderly markets is a separate test with no pattern requirement