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NYSE Faces $4B Suit For Manipulating Market

Law360 (June 4, 2007, 12:00 AM EDT) -- Securities trader Sea Carriers LP placed a hefty $4 billion claim against NYSE Euronext, owner of the New York Stock Exchange, on Friday for allegedly creating an inferior submarket for those who used the NYSE's SuperDOT electronic trading system.

The super designated order turnaround system is an automated order routing system used to place orders for stocks that are listed on the NYSE. This purportedly allows for a more rapid, and therefore more efficient, transaction, since the order is delivered to a specialist directly rather than...
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