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

The Financial Industry Regulatory Authority (FINRA) has censured and fined Marex Capital Markets Inc. $100,000 over inaccurately reported U.S. Treasury transactions, according to a Letter of Acceptance, Waiver, and Consent (AWC) published by the regulator.

FINRA found that between September 2020 and October 2025 the firm reported incorrect data on the No Remuneration (NR) indicator, the When-Issued Transaction indicator and certain trade modifiers for more than 46,500 transactions in TRACE-eligible U.S. Treasury securities. The reporting failures violated FINRA Rule 6730(d), which sets out how member firms must report Treasury trades to the Trade Reporting and Compliance Engine (TRACE), as well as Rule 2010, the general standard requiring high standards of commercial honor and just and equitable principles of trade.

Supervisory gaps

The regulator separately determined that from September 2020 through 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). FINRA treated that as its own violation of Rules 3110 and 2010, which require member firms to keep adequate supervisory frameworks over their regulatory reporting obligations.

In accepting the AWC, Marex neither admitted nor denied FINRA's findings but consented to the censure and the monetary penalty.

The settlement reflects broader regulatory attention on the accuracy of TRACE reporting in the U.S. Treasury market, where FINRA depends on timely and correct data from broker-dealers to sustain post-trade transparency. It also adds to a series of comparable TRACE-related enforcement actions against broker-dealers, underlining the regulator's continued focus on trade-reporting infrastructure and supervisory controls across the fixed-income market.