Citigroup Must Pay Over $12M Over Dark Pool Allegations To settle Securities and Exchange Commission that it misled users of a dark pool run by an affiliate, Citigroup Global Markets Inc. (CGMI) and the affiliate, Citi Order Routing and Execution (CORE), will pay $12M. The regulator contends that Citigroup (C)…
Wedbush Settles Market Access Violation Case for $2.44M Wedbush Securities has agreed to settle a market access violations case with the U.S. Securities and Exchange Commission by admitting to wrongdoing and paying $2.44 million. The brokerage firm has also agreed to hire an independent consultant. According to the SEC order,…
U.S. Securities and Exchange Commission Chairman Mary Jo White said that the regulator is working on new rules that would target dark pools, high-speed traders, order-routing practices, and trading venues that don’t offer much transparency. Her proposed regulations mark the first time she has spoken about her plans to overhaul…
The Financial Industry Regulatory Authority says that is looking to identify and stop trading incidents linked to algorithmic abuses. The self-regulatory agency is currently conducting about 170 investigations into this matter. FINRA wants to find out if any brokerage firms either engaged in algorithmic abuses to trade or did not…
Goldman Sachs (GS) Group Inc. said it is under scrutiny in probes related to high-frequency trading and whether its hiring practices comply US antibribery laws. This is the first time the firm has publicly disclosed both investigations. The information was made available via Goldman’s quarterly filing with the SEC. In…
Speaking before a US House of Representatives panel, Securities and Exchange Commission Chair Mary Jo White addressed allegations about the high-frequency trading markets saying they “are not rigged.” Her statement was in response to allegations made in Michael Lewis’ book “Flash Boys: A Wall Street Revolt,” which questioned the role…
Lawmaker Presses SEC to Tackle High-Frequency Trading Rep. Edward Markey (D-Mass.) is pressing the Securities and Exchange Commission to help stop the allegedly harmful impact of high-frequency trading. Writing to SEC Chairman Elisse Walter and her predecessor Mary Schapiro, Markey talked about how the Market Reform Act of 1990 gives…