New York Stock Exchange & Affiliates to Pay $14 Million in Settlement for Disrupting Market Prices

New York Stock Exchange & Affiliates to Pay $14 Million in Settlement for Disrupting Market Prices

New York Stock Exchange (NYSE) and 2 affiliated exchanges (NYSE Arca, and NYSE American) have agreed to pay $14 million in settlement for regulatory failures that have caused disruptive market events.

” NYSE and 2 Affiliates to Pay $14 million in settlement “

On 24th August 2015, the exchanges had implemented a total shutdown of two of the exchanges and applying price collars (circuit breakers) during unusual market volatility. They broke rules regarding business continuity and disaster recovery that includes implementing a market-wide regulatory halt and negligently misrepresenting stock prices as as “automated” despite extensive system issues.

The charges for the NYSE exchanges were brought by Securities and Exchange Commission (SEC) for violating Regulation SCI’s business continuity and disaster recovery requirement. Regulation Systems Compliance and Integrity (Regulation SCI) is a set of rules created by SEC to monitor the security & capabilities of the securities markets’ technology infrastructure.  The SEC’s investigations were conducted by the Market Abuse Unit and New York Regional Office.

Sources: SEC, Reuters, Forbes

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About NYSE Group

NYSE Group is a subsidiary of Intercontinental Exchange (NYSE:ICE), a leading operator of global exchanges and clearing houses, and a provider of data and listings services. NYSE Group includes exchanges, market data and connectivity services. The equity exchanges — the New York Stock Exchange, NYSE American and NYSE Arca — trade more U.S. equity volume than any other exchange group. NYSE is the premier global venue for capital raising, leading worldwide in IPOs, including technology IPOs. NYSE Arca Options and NYSE American Options are leading equity options exchanges.

Visit www.nyse.com/index.

 


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Hong Kong Holds the Lead for World’s IPO Market in First Nine Months

Hong Kong Holds the Lead for World’s IPO Market in First Nine Months

Hong Kong remains the world’s largest initial public offering market raising an estimate US$16.92 billion, representing 22% of all the listing funds in the world. Shanghai Stock Exchange is second on the list, while the third ranked is the New York Stock Exchange. Hong Kong was also the world’s largest IPO market last year as well from 2009 to 2011.

“Hong Kong remains the world’s largest initial public offering market raising an estimate US$16.92 billion, representing 22% of all the listing funds in the world.”

~South China Morning Post

More than 80% of this year funds were raised from Chinese financial service institutions, this represented an increase of 49% from last year. In addition, among the new listings, 41% were from mainland.

Related Reports: South China Morning Post, The Standard

 

About Hong Kong Stock Exchange

HKEX Group is one of the largest financial market operators in the world.  From our home in the financial hub of Hong Kong and an additional base in London, we provide world-class facilities for trading and clearing securities and derivatives in Equities, Commodities, Fixed Income and Currency.

Uniquely positioned at the intersection of Chinese and international capital flows, Hong Kong has long been Connecting China with the World. With the accelerated opening-up of China’s capital markets, HKEX continues to be a pioneer at the forefront of this historic transition, which we believe will Reshape the Global Market Landscape.

Visit: Hong Kong Stock Exchange


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

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