The New York Stock Exchange's (NYSE's) $4.5 million penalty for oversight violations represents the Securities and Exchange Commission's (SEC's) first salvo since Michael Lewis reignited scrutiny of market structure.

NYSE, which was bought by IntercontinentalExchange Group Inc. (ICE) last year, agreed to settle allegations that it failed to formulate or ignored rules governing everything from how traders connect computers to when prices are disseminated to floor brokers. It's only the fifth time the SEC has imposed a monetary punishment on a U.S. exchange.

The action had something for everybody in the market structure debate, with regulators making NYSE pay for lax compliance while citing years-old offenses that were mostly procedural. In September 2012, the company paid $5 million over rule violations for giving certain customers trading data before the public.

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