Lime Brokerage LLC – an agency-only broker-dealer that provides technology and market access to its customers – agreed to pay a combined fine of US $625,000 to resolve charges by NYSE Arca, Inc., NYSE LLC, and NYSE American LLC (collectively “NYSE”) for allegedly violating applicable securities laws and exchange rules regarding market access and supervision from November 2013 through May 2018. (Click here to access SEC Rule 15c3-5 – the Market Access Rule.) According to NYSE, during the relevant time, Lime failed to adequately supervise its business and customers by not setting reasonably designed preset credit limits, implementing adequate pre-trade controls, or monitoring customer trading activity for potential manipulative activity. Among other things, one client was approved for a US $500 million credit limit; however, because Lime’s controls did not account for clients trading through multiple “trading clusters,” the client was inadvertently allowed a US $2 billion limit because it was authorized to trade through four clusters. Moreover, despite Lime employees raising this matter to senior staff in compliance and business – including one person terming this an “urgent problem” – the firm did not begin to roll out a solution to this problem until six months later. In addition to imposition of a fine, the firm agreed that, within 90 days of the sanction’s settlement date, it will fix its credit limit, pre-trade controls and supervisory issues.