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SEC Making a Statement with NYSE Fine

Penalty for oversight violations is agency's first shot fired since publication of the book 'Flash Boys.'

By Sam Mamudi, Bloomberg | Updated on May 02, 2014

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.

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