According to FINRA, BNP Paribas Securities Corp. was censured and fined $125,000 in January 2026 for failing to accurately report over-the-counter (OTC) options positions to the Large Options Positions Reporting (LOPR) system, stemming from a series of separate technical and operational failures that went undetected due to inadequate supervisory procedures.FINRA found that the New York-based firm experienced multiple distinct reporting failures, all arising from transactions where it acted as an intermediary between its foreign affiliates and U.S.-based customers. In October 2019, the firm migrated to a new LOPR reporting system that was not configured to receive updates on salesperson location information. Over time, that data became outdated and inaccurate, causing the firm to miss reporting obligations for certain intermediated transactions. The firm discovered the issue but delayed reporting open positions until March 2021.Additional failures compounded the problem. One of the firm's trading systems began erroneously excluding salesperson information when passing trade data to the LOPR system. The firm also inadvertently excluded from consideration all transactions involving non-U.S.-based funds—some of which were eligible for LOPR reporting. A U.S. salesperson erroneously selected the wrong trader identifier when entering transactions, causing certain trades to be misattributed. Finally, one trading system placed salesperson location information in the wrong data field, preventing the LOPR system from recognizing certain large options positions. Each of these issues was separately identified and remediated by the firm.FINRA also found that the firm's supervisory system was not reasonably designed to achieve compliance with FINRA Rule 2360(b)(5). The firm's random review of selected options transactions was not configured to ensure that a sufficient number of intermediated transactions would be reviewed for LOPR reporting compliance. After the examination, the firm implemented new procedures that recalculated LOPR eligibility on a daily basis to confirm each position was properly reported.The LOPR system is a key regulatory tool that helps FINRA monitor concentration risk and potential market manipulation in the options markets. When firms fail to report large options positions accurately, regulators lose visibility into market activity that could signal manipulation or systemic exposure. Investors should understand that large financial institutions are required to maintain robust reporting infrastructure, and that FINRA actively audits these systems to ensure compliance.