Firm Update No. 2026-09本所动态 2026-09 号
Pending: Options Trader v. National Broker-Dealer: Order Handling, Trade Reporting and the Integrity of the Broker’s Own Records审理中：期权交易者诉全国性券商：订单处理、交易报告及券商自身记录的完整性
- Practice领域
- Securities证券法及相关
- Jurisdiction管辖
- FINRA Dispute Resolution Services美国金融业监管局争议解决服务
- Our role本所角色
- Counsel to the investor投资者律师
- Status进展
- Pending; hearing under way, further sessions in 2027; no award审理中；聆讯进行中，后续聆讯定于2027年；尚未作出裁决
IFacts事实
The firm represents an individual options trader in a FINRA arbitration against a national broker-dealer and its successor. The trader alleges that options orders in his account were routed, executed and reported in ways that harmed him: prints displayed for contracts that did not appear in the market-wide open interest, executions at prices outside the national best bid and offer, routing and internalization driven by payment for order flow, volume and open-interest figures on the broker's platform that did not match consolidated market data, and positions left to expire. The respondents deny the claims.本所代理一名个人期权交易者，对一家全国性券商及其承继公司提起FINRA仲裁。该交易者主张，其账户中的期权订单在传送、成交及报告方面损害了其利益：显示的成交记录未反映在全市场未平仓合约数中；成交价格超出全国最佳买卖报价；订单传送及内部撮合受订单流付费驱动；券商平台上的成交量及未平仓合约数据与市场综合数据不符；以及持仓被任由到期失效。被申请人否认上述主张。
IIPleadings诉辩文书
Statement of Claim (December 31, 2024). The investor's original claim challenged the handling, execution and reporting of options orders in his account.仲裁申请书（2024年12月31日）。投资者的原始仲裁申请针对其账户中期权订单的处理、执行及报告。
Statement of Answer (May 1, 2025). The broker-dealer and its successor denied the claims and asserted affirmative defenses.答辩书（2025年5月1日）。券商及其承继者否认全部请求，并提出积极抗辩。
Claimant's Reply (June 29, 2025). The firm replied to the answer and served a demand for a verified bill of particulars on the respondents' affirmative defenses.申请人答复（2025年6月29日）。本所对答辩作出答复，并要求被申请人就其积极抗辩提交经宣誓的明细。
Amended Statement of Claim (May 2026). With the panel's leave, the firm amended the claim to add the displayed-trade conduct. The amended claim pleads six counts: securities fraud and manipulation under Exchange Act §§ 10(b) and 9(a)(2) and Rule 10b-5(a) and (c); best execution and order handling; breach of fiduciary duty and fair dealing; negligence, supervision and record integrity; unjust enrichment and disgorgement; and an accounting with equitable relief and adverse inferences. FINRA rules are pleaded as standards of conduct, not as private causes of action. The respondents elected not to file an amended answer, and the firm asked the panel to treat the new allegations as admitted or to draw adverse inferences; no ruling on that request has issued.修订仲裁申请书（2026年5月）。经仲裁庭准许，本所修订申请，增加“显示成交”行为。修订后的申请提出六项请求：依《证券交易法》第10(b)条、第9(a)(2)条及规则10b-5(a)、(c)的证券欺诈及操纵；最佳执行及订单处理；违反信义义务及公平交易义务；过失、监督及记录完整性；不当得利及返还；以及账目清算、衡平救济与不利推定。FINRA规则作为行为标准而非私人诉因提出。被申请人选择不对修订申请提交答辩，本所请求仲裁庭视新指控为已承认或作出不利推定，仲裁庭尚未裁决。
IIIMotions and Court Orders动议及法院裁定
Orders of May 2026. The panel granted the claimant leave to amend, and the respondents waived the statute of limitations on the record. The panel denied the claimant's motions to compel, but directed counsel affidavits on the respondents' records and ordered testimony by a FINRA-registered officer of the respondents on how the records were kept.2026年5月的裁定。仲裁庭准许申请人修订申请，被申请人当庭放弃诉讼时效抗辩。仲裁庭驳回申请人的强制披露动议，但责令律师就被申请人的记录提交宣誓书，并命令被申请人一名在FINRA注册的高管就记录保存方式作证。
Respondents' declaration (May 18, 2026). In response, the respondents filed a declaration acknowledging that their trade reports are generated from underlying data and that an earlier production was incomplete. A supplemental report was produced.被申请人的声明（2026年5月18日）。被申请人随后提交声明，承认其成交报告系由底层数据生成，且此前一次提交的资料不完整，并补充提交了报告。
Hearing. Hearing sessions began in May 2026, and both sides gave opening statements. Sessions scheduled for August 2026 were postponed, and at a prehearing conference on September 29, 2026 the panel set further hearing days for early 2027.聆讯。聆讯于2026年5月开始，双方均作了开场陈述。原定2026年8月的聆讯延期；在2026年9月29日的聆讯前会议上，仲裁庭将后续聆讯日期定于2027年初。
Claimant's motion for targeted requests and preservation (October 23, 2026). The firm moved for leave to serve targeted requests on nine disputed option prints and for an order preserving the related records. The respondents opposed, calling it a request to reopen discovery. On November 6, 2026 the panel denied the motion, noting that the discovery deadline had passed in February 2026, that leave to amend had been granted in May, that hearings had begun and that the parties had already conducted extensive discovery. The forum fee for the motion was assessed to the claimant.申请人关于定向调取及证据保全的动议（2026年10月23日）。本所申请准许就九笔有争议的期权成交送达定向调取要求，并命令保全相关记录。被申请人反对，称其实为重开证据开示。仲裁庭于2026年11月6日驳回该动议，理由是证据开示期限已于2026年2月届满、修订申请已于5月获准、聆讯已经开始且双方已进行大量证据开示。该动议的仲裁费由申请人承担。
IVQuestions Presented争议问题
(1) Can a broker that controls how a customer’s orders are routed, executed and reported be liable for a manipulative scheme or device, even without a false statement? (2) Does a broker’s duty of best execution reach routing decisions influenced by payment for order flow? (3) When the broker’s trade records do not reconcile with independent market data, who bears the consequence?（一）控制客户订单传送、成交及报告方式的券商，即使未作虚假陈述，是否仍可能就操纵性计划或手段承担责任？（二）券商的最佳执行义务是否涵盖受订单流付费影响的传送决定？（三）券商的交易记录与独立市场数据无法相互核对时，由谁承担后果？
VRelevant Law相关法律
Exchange Act §§ 9(a)(2), 10(b), 15 U.S.C. §§ 78i(a)(2), 78j(b); Rule 10b-5(a), (c): market manipulation; scheme liability; manipulative or deceptive device; scienterExchange Act §§ 9(a)(2), 10(b), 15 U.S.C. §§ 78i(a)(2), 78j(b); Rule 10b-5(a), (c)：市场操纵；欺诈计划责任；操纵或欺骗手段；主观故意
Lorenzo v. SEC, 587 U.S. 71 (2019): scheme liability; primary liability; dissemination of false statementsLorenzo v. SEC, 587 U.S. 71 (2019)：欺诈计划责任；主要责任；传播虚假陈述
FINRA Rules 2010, 4511, 5310: just and equitable principles of trade; books and records; best execution; reasonable diligenceFINRA Rules 2010, 4511, 5310：公正公平交易原则；账簿记录；最佳执行；合理勤勉
SEC Rules 17a-3, 17a-4: recordkeeping; record retention; broker-dealer books and recordsSEC Rules 17a-3, 17a-4：记录保存；记录留存；经纪交易商账簿记录
Newton v. Merrill Lynch, Pierce, Fenner & Smith, Inc., 135 F.3d 266 (3d Cir. 1998) (en banc): duty of best execution; order routing; most favorable terms reasonably availableNewton v. Merrill Lynch, Pierce, Fenner & Smith, Inc., 135 F.3d 266 (3d Cir. 1998) (en banc)：最佳执行义务；订单路由；合理可得最优条件
Residential Funding Corp. v. DeGeorge Fin. Corp., 306 F.3d 99 (2d Cir. 2002): spoliation; adverse inference; culpable state of mind; relevanceResidential Funding Corp. v. DeGeorge Fin. Corp., 306 F.3d 99 (2d Cir. 2002)：证据毁损；不利推定；可归责之主观状态；相关性
FINRA Rules 12206, 12309, 12513: six-year eligibility rule; amendment of pleadings; appearance of employees; production of documentsFINRA Rules 12206, 12309, 12513：六年时效资格规则；修改诉状；雇员出庭；文件出示
FINRA Rules 12503, 12514: motions practice; exchange of documents and witness lists; preclusionFINRA Rules 12503, 12514：动议程序；交换文件及证人名单；排除
VICurrent Stage当前阶段
The evidentiary hearing is under way, with the remaining sessions scheduled for early 2027. Discovery is closed. The panel has not issued an award.证据聆讯正在进行，剩余聆讯定于2027年初。证据开示已结束。仲裁庭尚未作出裁决。
Open issues. Scheme liability under Rule 10b-5(a) and (c); manipulation under Section 9(a)(2); best execution and payment for order flow; books-and-records integrity; spoliation and adverse inference; the effect of a respondent's failure to answer an amended claim.待决问题。规则10b-5(a)、(c)下的计划责任；第9(a)(2)条下的操纵；最佳执行及订单流付款；账簿记录完整性；证据毁损及不利推定；被申请人不对修订申请作答辩的效力。
Client details are withheld to protect confidentiality. Prior results do not guarantee a similar outcome.为保护客户隐私，相关信息已隐去。过往结果不保证类似案件的结果。