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SEC Fines UBS $14M Over Dark Pool Operations

Law360, New York (January 15, 2015, 12:37 PM EST) -- The U.S. Securities and Exchange Commission on Thursday hit dark pool operator UBS Securities LLC with a $14.4 million sanction to settle allegations around the marketing of an order type geared toward high-frequency traders and others that allegedly gave them an unfair advantage in violation of market rules.

The Swiss bank subsidiary did not admit or deny wrongdoing in the settlement, but agreed to pay the penalty, which included $12 million sanction that the SEC said was the largest ever against an alternative trading system, an off-exchange trading venue that includes dark pools. The SEC also said its investigation is continuing....

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