Canada Nickel Company Inc V.CNC

Alternate Symbol(s): CNIKF

Metals & Mining Industrial Metals & Minerals

Canada Nickel Company Inc. is a Canada-based company, which is engaged in advancing the nickel-sulfide projects to deliver nickel required to feed the electric vehicle and stainless-steel markets. The Company owns flagship Crawford Nickel-Cobalt Sulphide Project in the heart of the prolific Timmins-Cochrane mining camp. The Company also owns 25 additional nickel targets located near the Crawford Project. Its wholly owned NetZero Metals Inc. to develop zero-carbon production of Nickel, Cobalt and Iron and applied for the trademarks NetZero Nickel NetZero Cobalt and NetZero Iron across several jurisdictions.

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Post by CravingProfitson Sep 23, 2023 11:02pm

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Post# 35651028

Short sells...nothing to worry about?

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SEC slaps Citadel Securities LLC with $7 million fine to settle short selling regulations charges

PUBLISHED FRI, SEP 22 2023 12:46 PM EDT

UPDATED SAT, SEP 23 2023 4:31 PM EDT

Chelsey Cox

@THEREALCO

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KEY POINTS

The U.S. Securities and Exchange Commission fined Citadel Securities $7 million for violating order marking requirements.

The SEC estimated that the firm marked millions of certain short sales as long sales and vice versa between 2015 and 2020.

A Citadel spokesperson told CNBC that the matter "had no impact on the quality of our client execution."

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Citadel founder and CEO Kenneth Griffin.

Andrew Harrer | Bloomberg | Getty Images

WASHINGTON — The Securities and Exchange Commission fined Citadel Securities LLC $7 million in a settlement of charges that the big broker-dealer firm mismarked sales orders over a five-year span, the agency said Friday.

The SEC estimated that Miami-based Citadel Securities marked millions of certain short sale orders as long sales, and vice versa, from September 2015 to September 2020.

The inaccuracies were the result of a coding error in Citadel's automated trading system, the SEC found.

The SEC alleged Citadel Securities violated "a provision of Regulation SHO, the regulatory framework designed to address abusive short selling practices, which requires broker-dealers to mark sale orders as long, short, or short exempt."

A Citadel spokesperson told CNBC that the matter "had no impact on the quality of our client execution."

"While updating our systems to accommodate certain client requests, we made a coding change that inadvertently affected a de minimis percentage of our order markings," the spokesperson added.

"We detected the issue and promptly fixed it more than three years ago."

The SEC in its administrative order settling the case noted that "Citadel Securities is one of the largest broker-dealers in the U.S. equities markets."

"As of May 2023, Citadel Securities executed approximately 35% of all U.S.-listed retail volume and 22% of U.S. equities volume, across more than 11,000 U.S.-listed securities," the order noted.

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In a short sale, an investor borrows stock shares and sells them, with the hope of buying the same amount of shares back at a lower price and returning them to the lender, pocketing the price difference as profit.

Mark Cave, associate director of the SEC's Division of Enforcement, said compliance with requirements that sales orders be properly marked "is a key component of regulatory efforts to curtail abusive market practices, including 'naked' short selling."

Failure to comply "can have negative downstream consequences on the accuracy of the firm's electronic records, including its electronic blue sheet reporting, depriving the Commission of important information about the markets it regulates," Cave added in a statement.

Also on Friday, the SEC fined Goldman Sachs $6 million for inaccurate "blue sheet" submissions containing identifying securities trading information.

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