Company: EUO
Filing Date: 2025-02-13
Form Type: S-3
Source: 0001193125-25-026201
Chunk: 376

Company: ProShares Trust II
Filing Date: 2025-02-13
Form: S-3
Chunk 376
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.), $75 million, Jefferies (Jefferies Financial Services, Inc. and Jefferies LLC), $30 million, Morgan Stanley (Morgan Stanley & Co. LLC; Morgan Stanley Capital Services LLC; Morgan Stanley Capital Group Inc.; and Morgan Stanley Bank, N.A.), $75 million, Nomura (Nomura Global Financial Products Inc.; Nomura Securities International, Inc.; and Nomura International PLC), $50 million, UBS (UBS AG; UBS Financial Services, Inc.; and UBS Securities LLC), $75 million. Each order finds that the swap dealer and/or FCM in question, for a period of years, failed to stop its employees, including those at senior levels, from communicating both internally and externally using unapproved communication methods, including messages sent via personal text, WhatsApp or Signal. The firms were required to keep certain of these written communications because they related to the firms’ businesses as CFTC registrants. The firms generally did not maintain and preserve these written communications, and therefore could not provide them promptly to the CFTC when requested. Each order further finds the widespread use of unapproved communication methods violated the swap dealers’ and/or FCMs’ internal policies and procedures, which generally prohibited business-related communication taking place via unapproved methods. Further, some of the same supervisory personnel responsible for ensuring compliance with the firms’ policies and procedures themselves used non-approved methods of communication to engage in business-related communications, in violation of firm policy. On January 25, 2022, UBS Securities LLC (“UBS”) executed a block trade (Cboe Volatility Index (VX) Futures – March 2022) with the following issues: The order ticket did not include all required information; the block trade was not reported to the Exchange timely; UBS did not provide all required information to the Authorized Reporter; and UBS failed to obtain previous consent from its customer to execute the transaction as a block trade. This event did not result in any customer harm. UBS was imposed a fine of $16,000. Goldman Sachs International (“GSI”) Goldman Sachs International is a subsidiary of The Goldman Sachs Group, Inc. (“Group, Inc.”). From time to time, Group, Inc. (and its subsidiaries, including Goldman Sachs International), its officers and employees are involved in proceedings and receive inquiries, subpoenas and notices of investigation relating to various aspects of its business some of which result in sanction. Details are set out in Goldman Sachs International’s entry on the