NYSE's $5M Fine Shows Milliseconds Matter To SEC

By Ian Thoms (September 14, 2012, 7:18 PM EDT) -- With its first-ever fine of a stock exchange, the U.S. Securities and Exchange Commission showed Friday that it would take aggressive action to prevent exchanges from giving even split-second advantages to preferred investors, experts say.

The SEC drew a $5 million settlement from the New York Stock Exchange and its parent company NYSE Euronext, resolving allegations that the exchange sent market data to paying customers before distributing it to the broader investor public.

"The SEC is trying to let people know that they are going to enforce the securities laws that are on the books. They're not going to turn a...

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