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October 1, 2012

NYSE Pays Fine to SEC

By Tom Steinert-Threlkeld

The Securities and Exchange Commission charged the New York Stock Exchange Sept. 14 with giving an 'improper head start' to high-speed traders, giving them market data milliseconds or, in some cases, full seconds before retail and long-term investors got it.

The case involves two of the exchange's proprietary data feeds, Open Book Ultra and PDP Quotes, which sent data to HFTs, trading desks of large banks and statistical arbitrageurs before the information on the full depth of orders in its market reached the public.

The bourse, as a result, became the first to ever pay a financial penalty to the Securities and Exchange Commission. Without admitting or denying the SEC's findings, the exchange agreed to pay $5 million and to hire a consultant to review its market data systems.

"NYSE Euronext is committed to the highest standards of integrity and accountability,'' the exchange's chief executive, Duncan Niederauer, said in a formal statement.

 

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