Securities Exchanges Accused Of Overcharging Members

Law360, Philadelphia (August 19, 2013, 10:27 PM ET) -- A group of market makers are owed millions in improper fees they were charged by securities exchanges in Philadelphia, New York, Chicago and elsewhere as a means of attracting orders from brokers, they allege in a complaint removed to Illinois federal court Friday.

A group of plaintiffs led by Citadel Securities LLC and Ronin Capital LLC claim the exchanges admitted they had accidentally charged improper fees for "payment for order flow" programs — which are used to raise money paid to brokers as a means of...
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