Brut, the electronic stock trading unit of the Nasdaq Stock Market, has been slapped with $2.2 million fine by the NASD for publishing execution orders that were filled errors, in some cases serious, between October 2001 and July 2005. During that period, according to the NASD, some reports were incomplete, failed to include the full size of the orders or were late, among other problems. “Brut’s inaccurate reports compromised the ability of the investing public and other market participants to accurately assess execution quality and compare venues for execution,” NASD Senior Executive V.P. Stephen Luparello said in a statement. In addition to the fine, Brut reportedly has agreed to revise some of its procedures within 30 days.
