Series 55

By Jeff Van Blarcom AAA

Commissions And Trade Complaints - Trade Complaints Between Members

A member who feels that a trade was reported in error may have the trade reviewed by NASDAQ Market Operations, if they are unable to resolve the issue with the contra broker dealer. The party bringing the complaint must submit a written request to NASDAQ Market Operations by fax or other acceptable means by 10:30 AM EST for trades occurring prior to 10:00 AM EST and within 30 minutes for trades occurring after 10:00 AM EST. Once a complaint has been filed, the firm bringing the complaint has 30 minutes to provide additional documentation. The broker dealer responding to the complaint will receive telephone notification and will be given 30 minutes to submit documentation. Once both parties have indicated that they have submitted all documentation, they may not submit additional documentation. The matter will then be reviewed by a NASDAQ Market Operations Hearing Officer. The Hearing Officer may cancel the trade, modify the trade, or allow the trade to stand. Both parties will receive telephone notification and a written report. Either party may appeal the decision of The Hearing Officer if the appeal is filed in writing within 30 minutes of receiving telephone notification of the decision for decisions received prior to 4:00 PM. If the decision is received after 4:00 PM the appealing firm has until 9:30 AM to file a written appeal. All appeals will be made to The Market Operations Review Committee. Upon final decision either party is free to file a claim in arbitration. Appealing the decision does not stay the original decision of The Hearing Officer. If the NASDAQ system causes erroneous reports to take place, NASDAQ Market Operations can automatically correct or break the trade within 30 minutes of detection. The NASDAQ may correct trades caused by system malfunctions up to 6:00 PM EST on the day after the trade date.

The Order Audit Trail System / OATS

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