SEC Nets Settlement In 'Dark Pool' Trade Disclosure Case

Law360, New York (October 3, 2012, 4:51 PM EDT) -- The U.S. Securities and Exchange Commission said Wednesday that Boston-based “dark pool” operator eBX LLC had agreed to hand over $800,000 to settle allegations that it didn't protect its subscribers' confidential trading information.

The SEC had also accused eBX of failing to inform its subscribers that it allowed an outside company to utilize their secret trading details.

At issue is eBX's alternative trading system Level ATS. Because it displays little or no information about customer orders, it is considered a dark pool, a venue that institutional...
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