Wolverine Trading LLC (“WT”), a registered broker-dealer, and its affiliate, Wolverine Asset Management LLC (“WAM”), a registered investment adviser, each agreed to pay fines of US $375,000 to the Securities and Exchange Commissions to resolve charges related to their alleged sharing of non-public information about a certain exchange-traded note from February through March 2012. According to the SEC, during the relevant time, WT shared information with WAM regarding its trading positions, transactions and strategies involving the note after the issuer announced a temporary suspension of new issuances on February 21. This suspension caused the note to trade at a premium to its indicative value. During the relevant time, the affiliates also discussed issues related to the potential ending of the suspension that occurred on March 28, the SEC said. Just prior to the issuer’s announcement of the lifting of the issuance suspension, the price of the note declined. WAM was able to profit from this price decline because of “information and opportunity that other market participants did not have,” alleged the SEC. The SEC charged each firm with violating provisions of law requiring them to maintain and enforce procedures aimed at preventing the misuse of material, non-public information. In addition to paying a fine, WAM also agreed to disgorge US $365,000 in profits and pay prejudgment interest of almost US $40,000 to resolve this matter. The SEC noted that it considered “remedial acts promptly undertaken” by each defendant in settling this action.