United States:
Broker-Dealer Settles SEC Dark Pool Charges
14 November 2018
Cadwalader, Wickersham & Taft LLP
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A broker-dealer and an affiliated FinTech firm agreed to pay $12 million to settle SEC charges
in connection with a dark pool operation.
According to the SEC Order, ITG Inc. and Alternet Securities
Inc. (collectively, the "Respondents") made materially
misleading statements and omissions to subscribers, improperly
disclosed confidential information of subscribers, failed to
establish adequate safeguards and policies to protect the
confidential trading information of subscribers to an alternative
trading system ("ATS") and failed to make adequate
disclosures in its Form ATS filings.
In determining the settlement, the SEC took into consideration
Respondents' remedial acts and cooperation with SEC staff.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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