FINRA Fines Marex Capital Markets $100,000 Over Treasury Trade Reporting Failures | LeapRate

The Financial Industry Regulatory Authority (FINRA) has censured and fined Marex Capital Markets Inc. $100,000 after finding the firm inaccurately reported tens of thousands of U.S. Treasury transactions to its Trade Reporting and Compliance Engine (TRACE) over a five-year period, according to a Letter of Acceptance, Waiver, and Consent (AWC) released by the regulator.

FINRA found that between September 2020 and October 2025, Marex inaccurately reported the No Remuneration (NR) indicator, the When-Issued Transaction indicator, and certain trade modifiers on more than 46,500 transactions in TRACE-eligible U.S. Treasury securities.

The conduct violated FINRA Rules 6730(d), which governs how member firms must report Treasury trades to TRACE, and Rule 2010, the industry’s general standard requiring high standards of commercial honor and just and equitable principles of trade.

The regulator also determined that, between September 2020 and December 2025, Marex failed to establish, maintain, and enforce a supervisory system — including written supervisory procedures (WSPs) — reasonably designed to achieve compliance with Rule 6730(d).

That lapse constituted a separate violation of FINRA Rules 3110 and 2010, which require member firms to maintain adequate supervisory frameworks over their regulatory reporting obligations.

By accepting the AWC, Marex neither admitted nor denied FINRA’s findings but consented to the entry of the censure and fine.

TRACE reporting accuracy has drawn increasing regulatory scrutiny in the Treasury market, where FINRA relies on timely, accurate data from broker-dealers to maintain post-trade transparency.

The Marex settlement adds to a string of similar TRACE-related enforcement actions against broker-dealers, underscoring FINRA’s continued focus on trade-reporting infrastructure and supervisory controls across the fixed-income market.